Mortgage Ownership & Categories

Learn the fundamental differences between conventional and government as well as conforming and non-conforming mortgage loans. Additionally, this video describes conventional and government (FHA, VA, and USDA) loan parameters culminating with an important overview of the Guidance on Non-Traditional Mortgage Product Risks, all of which the NMLS test candidate needs to know for the NMLS exam.

IMPORTANT CLARIFICATION!

THE FHA UP-FRONT MORTGAGE INSURANCE PREMIUM (UFMIP) CONSIDERS THE FHA LOAN’S ORIGINAL LOAN TERM AND LTV, NOT LOAN AMOUNT AND LTV AS STATED IN THE VIDEO.