MORTGAGE EDUCATORS QUESTIONS | TESTED AND
PROVEN ANSWERS | LATEST UPDATE 2024/2025
100% (GRADE A+)
What is the name of Fannie Mae's automated underwriting system?
Ans>> Desktop Underwriter
Regarding a balloon loan, which is the most correct?
Ans>> The balloon is disclosed on the Note and the Trust Deed Ride
The 1003 is which of the following?
Ans>> The Uniform Residential Loan Application
What is the name of Freddie Mac's automated underwriting system?
Ans>> Loan Prospector
Which of the following is not an acceptable source for the borrower's down payment on a Fannie
Mae loan?
Ans>> A cash advance from a credit card if it doesn't show on the credit report
1
,Which of the following is the most correct concerning a trust deed?
Ans>> It encumbers the borrower's title to the real estate.
A discount point is best described as a charge that the borrower pays to:
Ans>> a lender to decrease the interest rate on a mortgage loan.
Which of the following is not included in a credit score?
Ans>> Income information
Which is not a credit reporting agency?
Ans>> MGIC
Which is not included in debt-to-income ratio?
Ans>> Netflix monthly fee
The Homeowners Protection Act states that when a loan-to-value falls below 78% PMI is to be:
2
,Ans>> Terminated
PITI is the acronym for:
Ans>> Principal, Interest, Taxes, Insurance.
LTVR/LTV is the acronym for:
Ans>> Loan to value ratio
HELOC is the acronym for:
Ans>> Home Equity Line of Credit..
PUD is the acronym for:
Ans>> Planned Unit Development.
VA is the acronym for:
Ans>> Veteran Affairs.
3
, According to the Truth-in-Lending Act (TILA), which of the following fees is EXCLUDED from the
calculation of the annual percentage rate?
Ans>> Hazard insurance
LIBOR is the acronym for:
Ans>> London Inter-bank Offered Rate.
The term "20 basis points" expressed as a percentage is:
Ans>> 0.20%
If an applicant works 40 hours a week and is paid $ 14.26 per hour, what is the applicant's
average monthly income?
Ans>> $2,471.73
New VA loans are available to:
Ans>> eligible veterans.
4
PROVEN ANSWERS | LATEST UPDATE 2024/2025
100% (GRADE A+)
What is the name of Fannie Mae's automated underwriting system?
Ans>> Desktop Underwriter
Regarding a balloon loan, which is the most correct?
Ans>> The balloon is disclosed on the Note and the Trust Deed Ride
The 1003 is which of the following?
Ans>> The Uniform Residential Loan Application
What is the name of Freddie Mac's automated underwriting system?
Ans>> Loan Prospector
Which of the following is not an acceptable source for the borrower's down payment on a Fannie
Mae loan?
Ans>> A cash advance from a credit card if it doesn't show on the credit report
1
,Which of the following is the most correct concerning a trust deed?
Ans>> It encumbers the borrower's title to the real estate.
A discount point is best described as a charge that the borrower pays to:
Ans>> a lender to decrease the interest rate on a mortgage loan.
Which of the following is not included in a credit score?
Ans>> Income information
Which is not a credit reporting agency?
Ans>> MGIC
Which is not included in debt-to-income ratio?
Ans>> Netflix monthly fee
The Homeowners Protection Act states that when a loan-to-value falls below 78% PMI is to be:
2
,Ans>> Terminated
PITI is the acronym for:
Ans>> Principal, Interest, Taxes, Insurance.
LTVR/LTV is the acronym for:
Ans>> Loan to value ratio
HELOC is the acronym for:
Ans>> Home Equity Line of Credit..
PUD is the acronym for:
Ans>> Planned Unit Development.
VA is the acronym for:
Ans>> Veteran Affairs.
3
, According to the Truth-in-Lending Act (TILA), which of the following fees is EXCLUDED from the
calculation of the annual percentage rate?
Ans>> Hazard insurance
LIBOR is the acronym for:
Ans>> London Inter-bank Offered Rate.
The term "20 basis points" expressed as a percentage is:
Ans>> 0.20%
If an applicant works 40 hours a week and is paid $ 14.26 per hour, what is the applicant's
average monthly income?
Ans>> $2,471.73
New VA loans are available to:
Ans>> eligible veterans.
4
