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Q3a. Distinguish between conforming and non-conforming residential mortgage loans and explain the importance of the difference. Q3b. Discuss the role and importance of the private

Q3a. Distinguish between conforming and non-conforming residential mortgage loans and explain the importance of the difference. Q3b. Discuss the role and importance of the private mortgage insurance (PMI) in the residential mortgage market. (Chapter 10, Residential Mortgage). [10+10=20] Q4a. Compute the gross price if the sellers target price is $400,000 and brokers commission is 8 percent. Show your calculation.

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