Nv Fnma Restriction Procedure Q2 2010

5 Questions | Attempts: 42
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    WHAT DOES FNMA MEAN?

    • FRANK NANCY MARY AND ALAN
    • FIRST NATIONAL MORTGAGE ASSOCIATION
    • FEDERAL NATIONAL MORTGAGE ASSOCIATION
    • NONE OF THE ABOVE
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Nv Fnma Restriction Procedure Q2 2010 - Quiz
About This Quiz

Restrictions in the Deed

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  • 2. 

    DO YOU NEED TO GO BEHIND THE BASE TO LOOK FOR ANY FNMA DEEDS IF YOUR BASE IS MORE RECENT THAN APRIL 15, 2008?

    • YES

    • NO

    Correct Answer
    A. YES
  • 3. 

    THIS PROCEDURE IS ONLY IN REGARDS TO RESIDENTIAL PROPERTIES?

    • TRUE

    • FALSE

    Correct Answer
    A. TRUE
  • 4. 

    DEED FROM FNMA CONTAINS RESTRICTIONS AND A NEW LOAN HAS RECORDED DURING THE TERM OF THE RESTRICTIONS BUT NOT CONCURRENTLY WITH FNMA DEED.  WHAT DO YOU LOOK FOR:

    • IF FA LENDERS POLICY..FOLLOW 3.0

    • IF NEW LOAN IS RELEASED..FOLLOW 3.0

    • IF A AND B ARE NOT THE CASE FOLLOW 3.0 AND SHOW POSSIBLE VIOLATION OF THE RESTRICTIONS.

    • ALL OF THE ABOVE

    Correct Answer
    A. ALL OF THE ABOVE
  • 5. 

    IF BASE INCLUDES EXCEPTION READING "TERMS AND PROVISIONS CONTAINED IN THE DEED FROM FEDERAL NATIONAL MORTGAGE ASSOCIATION".....YOU NEED TO PULL THIS DEED AND LOOK FOR WHAT?

    • RESTRICTIONS

    • TIME FRAMES OF THE RESTRICTIONS

    • NONE OF THE ABOVE

    • A and B Above

    Correct Answer
    A. A and B Above

Quiz Review Timeline (Updated): Mar 19, 2022 +

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  • Current Version
  • Mar 19, 2022
    Quiz Edited by
    ProProfs Editorial Team
  • May 13, 2010
    Quiz Created by
    Qcleadregina
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