Kiến thức vay thế chấp chungCâu 173 / 400
In underwriting, 'reserves' generally refer to:
a.Liquid assets a borrower has left after closing, often measured in months of PITI
b.The lender's profit
c.Unpaid interest
d.Property taxes owed
Giải thích
Reserves are the borrower's remaining liquid assets after down payment and closing costs, commonly expressed as a number of months of PITI, showing ability to keep paying if income is interrupted. They are not lender profit, unpaid interest, or taxes.
Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- On many FHA loans with the minimum down payment, the annual MIP generally remains for what duration?
- Which of the following is an example of an index that can be used to set the rate on an adjustable-rate mortgage?
- On an ARM, the initial 'start' or 'teaser' rate is best described as:
- When a borrower uses gift funds for a down payment, the lender typically requires:
- How does a permanent buydown differ from a temporary buydown?
- A convertible ARM gives the borrower the option to:
Cập nhật gần nhất: · quy trình kiểm tra
Đội Ngũ Biên Tập PrepPass · Đối chiếu với NMLS SAFE Mortgage Loan Originator National Test · Quy trình kiểm tra