General Mortgage Knowledge
Terminology Quiz
A ______ is a mortgage that follows with Fannie Mae and Freddie Mac guidelines.
- Conforming
- Non-Conforming
- Conventional
- Non-Traditional - answer Conforming loan
The _____ is a measure of market interest rates on an adjustable-rate mortgage:
- Lifetime cap
- Initial interest rate
- Index
- Margin - answer Index
Fannie Mae's AUS is
- CAIVRS
- OFAC
- LP
- DU - answerDU
HPA is the abbreviation for what federal law:
- None of the Above
- Homeowner's Protection Act
- Homeowners Principal Act
- Homeownership Protection Act - answerHomeowner's Protection Act
A_______ loan is any loan that does not follow Fannie Mae and Freddie Mac
guidelines.
- Conventional
- Conforming
- Non-Conforming
- Non-Traditional - answerNon-Conforming
To determine whether a loan is going to conform with Fannie Mae or Freddie Mac
guidelines, an underwriter will submit the loan file through a______.
, - ORG
- CAIVRS
- LOS
- AUS - answerAUS
A _______________ is anything other than a 30-year fixed-rate mortgage
- Non-traditional mortgage
- Conforming mortgage
- Conventional mortgage
- Traditional mortgage - answerNon-traditional mortgage
HUD stands for:
- Homeownership Undersecretary Division
- Department of Housing and Urban Development
- Department of Homeland Security Department
- None of the Above - answerDepartment of Housing and Urban Development
A borrower is ____ when they have their taxes and insurance are collected with their
payment monthly.
- Escrowing
- Trust Funding
- Combining
- None of the Above - answerEscrowing
A_____ is a mortgage that has a low initial monthly payment that gradually increases
over a specified time frame designated at the time of origination.
- Bridge Loan
- Construction Permanent Loan
- GPM
- Construction Loan - answerGPM
An underwriter will use _______ to determine whether a borrower has ever failed to
repay their federal debts or obligations:
- CAIVRS
- LP
- OFAC
- DU - answerCAIVRS
A ______ loan can be either non-conforming or conforming
- Conventional
Terminology Quiz
A ______ is a mortgage that follows with Fannie Mae and Freddie Mac guidelines.
- Conforming
- Non-Conforming
- Conventional
- Non-Traditional - answer Conforming loan
The _____ is a measure of market interest rates on an adjustable-rate mortgage:
- Lifetime cap
- Initial interest rate
- Index
- Margin - answer Index
Fannie Mae's AUS is
- CAIVRS
- OFAC
- LP
- DU - answerDU
HPA is the abbreviation for what federal law:
- None of the Above
- Homeowner's Protection Act
- Homeowners Principal Act
- Homeownership Protection Act - answerHomeowner's Protection Act
A_______ loan is any loan that does not follow Fannie Mae and Freddie Mac
guidelines.
- Conventional
- Conforming
- Non-Conforming
- Non-Traditional - answerNon-Conforming
To determine whether a loan is going to conform with Fannie Mae or Freddie Mac
guidelines, an underwriter will submit the loan file through a______.
, - ORG
- CAIVRS
- LOS
- AUS - answerAUS
A _______________ is anything other than a 30-year fixed-rate mortgage
- Non-traditional mortgage
- Conforming mortgage
- Conventional mortgage
- Traditional mortgage - answerNon-traditional mortgage
HUD stands for:
- Homeownership Undersecretary Division
- Department of Housing and Urban Development
- Department of Homeland Security Department
- None of the Above - answerDepartment of Housing and Urban Development
A borrower is ____ when they have their taxes and insurance are collected with their
payment monthly.
- Escrowing
- Trust Funding
- Combining
- None of the Above - answerEscrowing
A_____ is a mortgage that has a low initial monthly payment that gradually increases
over a specified time frame designated at the time of origination.
- Bridge Loan
- Construction Permanent Loan
- GPM
- Construction Loan - answerGPM
An underwriter will use _______ to determine whether a borrower has ever failed to
repay their federal debts or obligations:
- CAIVRS
- LP
- OFAC
- DU - answerCAIVRS
A ______ loan can be either non-conforming or conforming
- Conventional
