Which of the following applies to the Federal National Mortgage Association?
Guarantee loans
Governmental agency
Insures loans
Government related agency
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Government related agency
In the sale of a mortgage document, what is the relationship of the parties?
Grantor to Grantee
Assignor to Assignee
Vendor to Vendee
Payor to Payee
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, Assignor to Assignee
Low income loans are usually purchased by:
FNMA
GNMA
FHLMC
Federal Reserve
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GNMA
When a lender requires an impound account, what is the maximum tax reserves a
lender may demand according to RESPA:
9 months
6 months
3 months
2 months
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2 months
Who has title on a land contract?
Vendee
Grantee
Mortgagee
Vendor
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Vendor
By definition how does a mortgage banker differ from a mortgage broker?
A mortgage banker can service loans after closing
A mortgage broker may not charge a fee for the loans
A mortgage broker uses their own personal funds
A mortgage banker can only work in the state the bank is located
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a mortgage banker can service loans after closing
RESPA would not cover which of the following:
New loans
FHA and VA loans
Loan assumptions
Federally related loans
Give this one a try later!
Loan assumptions
A property is sold but the legal title remains in the seller's name. What type of
instrument was used to complete the sale?
Mortgage
Deed of Trust
Guarantee loans
Governmental agency
Insures loans
Government related agency
Give this one a try later!
Government related agency
In the sale of a mortgage document, what is the relationship of the parties?
Grantor to Grantee
Assignor to Assignee
Vendor to Vendee
Payor to Payee
Give this one a try later!
, Assignor to Assignee
Low income loans are usually purchased by:
FNMA
GNMA
FHLMC
Federal Reserve
Give this one a try later!
GNMA
When a lender requires an impound account, what is the maximum tax reserves a
lender may demand according to RESPA:
9 months
6 months
3 months
2 months
Give this one a try later!
2 months
Who has title on a land contract?
Vendee
Grantee
Mortgagee
Vendor
, Give this one a try later!
Vendor
By definition how does a mortgage banker differ from a mortgage broker?
A mortgage banker can service loans after closing
A mortgage broker may not charge a fee for the loans
A mortgage broker uses their own personal funds
A mortgage banker can only work in the state the bank is located
Give this one a try later!
a mortgage banker can service loans after closing
RESPA would not cover which of the following:
New loans
FHA and VA loans
Loan assumptions
Federally related loans
Give this one a try later!
Loan assumptions
A property is sold but the legal title remains in the seller's name. What type of
instrument was used to complete the sale?
Mortgage
Deed of Trust
