Nv Fnma Restriction Procedure Q2 2010

5 Questions | Total Attempts: 42

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Nv Fnma Restriction Procedure Q2 2010

Restrictions in the Deed


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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