Nv Fnma Restriction Procedure Q2 2010
5 Questions
| Total Attempts: 42
Restrictions in the Deed
Questions and Answers
- 1.WHAT DOES FNMA MEAN?
- A.
FRANK NANCY MARY AND ALAN
- B.
FIRST NATIONAL MORTGAGE ASSOCIATION
- C.
FEDERAL NATIONAL MORTGAGE ASSOCIATION
- D.
NONE OF THE ABOVE
- 2.THIS PROCEDURE IS ONLY IN REGARDS TO RESIDENTIAL PROPERTIES?
- A.
TRUE
- B.
FALSE
- 3.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?
- A.
RESTRICTIONS
- B.
TIME FRAMES OF THE RESTRICTIONS
- C.
NONE OF THE ABOVE
- D.
A and B Above
- 4.DO YOU NEED TO GO BEHIND THE BASE TO LOOK FOR ANY FNMA DEEDS IF YOUR BASE IS MORE RECENT THAN APRIL 15, 2008?
- A.
YES
- B.
NO
- 5.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:
- A.
IF FA LENDERS POLICY..FOLLOW 3.0
- B.
IF NEW LOAN IS RELEASED..FOLLOW 3.0
- C.
IF A AND B ARE NOT THE CASE FOLLOW 3.0 AND SHOW POSSIBLE VIOLATION OF THE RESTRICTIONS.
- D.
ALL OF THE ABOVE
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