Real Estate Mortgages - Residential Mortgage Loan
Originator: Qs & As
A market for the purchase and sale of existing mortgages designed to provide
greater liquidity for selling mortgages is called the Right Ans - Secondary
market
The Federal agency established to restore Fannie Mae and Freddie Mac to a
sound and solvent financial condition is Right Ans - Federal Housing
Finance Agency
The _______ guarantee allows mortgage lenders to obtain a better price for
their loans in the capital markets Right Ans - Government National
Mortgage Association
A _______ is any individual who meets the definition of a loan originator and is
an employee of a depository institution that is regulated by a federal banking
agency. Right Ans - Mortgage loan originator
The term ______ means a person who takes a residential mortgage loan
application. Right Ans - Mortgage Loan Originator
The _____ permanently identifies a loan originator Right Ans - Unique
identifier
The "Three Cs of Mortgage Underwriting as Right Ans - Capacity, credit,
collateral
How many RMLO Accept a residential loan application? Right Ans - A face
to face interview, over the telephone, through the mail, via the internet
____ assets are any tangible or intangible items that can be converted quickly
and easily into cash. Right Ans - Liquid
____ is defined as the ratio of the amount borrowed to the appraised value or
sales price of the real property expressed as a percentage. Right Ans - Loan
to value
, The _____ equals the total monthly expense and includes principal, interest,
taxes, insurance, and other expenses, including homeowner's association
dues, divided by the qualifying monthly income. Right Ans - Housing
expense to income ration - 1st ratio - front ratio
______ means according to value. Right Ans - Ad Valorem
An up Front mortgage insurance premium is mandatory when a loan is
Right Ans - an FHA loan
A loan made with real estate as security not involving any government
participation in the form of insuring or guaranteeing the loan is called
Right Ans - Conventional loan
A payment plan where borrowers make payments to principal and interest
every two weeks rather than once monthly is known as a Right Ans - bi
weekly mortgage
When a lender applies a policy or practice equally to credit applicants, but the
policy has a disproportionately adverse effect on applicants from a group
protected against discrimination; the policy or practice is described as having
a Right Ans - disparte impact
Excessive lending activity for the purpose of generating fees and commissions
is called Right Ans - Churning
A person used to buy property to conceal the actual owner's identity is called
a Right Ans - Straw buyer
Which of the following is not considered a prohibited basis under Regulation
B? Right Ans - familial status
The Home Morgage Disclosure Act requires lenders to ask applicants and
borowers for information regarding their ethnicity, race, and sex even when
applications are made entirely by telephone, mail, or the Internet. If an
applicant submitting his or her application in person fails to provide the
information, the lender must note the information from the applicant's _____
Right Ans - valid driver license
Originator: Qs & As
A market for the purchase and sale of existing mortgages designed to provide
greater liquidity for selling mortgages is called the Right Ans - Secondary
market
The Federal agency established to restore Fannie Mae and Freddie Mac to a
sound and solvent financial condition is Right Ans - Federal Housing
Finance Agency
The _______ guarantee allows mortgage lenders to obtain a better price for
their loans in the capital markets Right Ans - Government National
Mortgage Association
A _______ is any individual who meets the definition of a loan originator and is
an employee of a depository institution that is regulated by a federal banking
agency. Right Ans - Mortgage loan originator
The term ______ means a person who takes a residential mortgage loan
application. Right Ans - Mortgage Loan Originator
The _____ permanently identifies a loan originator Right Ans - Unique
identifier
The "Three Cs of Mortgage Underwriting as Right Ans - Capacity, credit,
collateral
How many RMLO Accept a residential loan application? Right Ans - A face
to face interview, over the telephone, through the mail, via the internet
____ assets are any tangible or intangible items that can be converted quickly
and easily into cash. Right Ans - Liquid
____ is defined as the ratio of the amount borrowed to the appraised value or
sales price of the real property expressed as a percentage. Right Ans - Loan
to value
, The _____ equals the total monthly expense and includes principal, interest,
taxes, insurance, and other expenses, including homeowner's association
dues, divided by the qualifying monthly income. Right Ans - Housing
expense to income ration - 1st ratio - front ratio
______ means according to value. Right Ans - Ad Valorem
An up Front mortgage insurance premium is mandatory when a loan is
Right Ans - an FHA loan
A loan made with real estate as security not involving any government
participation in the form of insuring or guaranteeing the loan is called
Right Ans - Conventional loan
A payment plan where borrowers make payments to principal and interest
every two weeks rather than once monthly is known as a Right Ans - bi
weekly mortgage
When a lender applies a policy or practice equally to credit applicants, but the
policy has a disproportionately adverse effect on applicants from a group
protected against discrimination; the policy or practice is described as having
a Right Ans - disparte impact
Excessive lending activity for the purpose of generating fees and commissions
is called Right Ans - Churning
A person used to buy property to conceal the actual owner's identity is called
a Right Ans - Straw buyer
Which of the following is not considered a prohibited basis under Regulation
B? Right Ans - familial status
The Home Morgage Disclosure Act requires lenders to ask applicants and
borowers for information regarding their ethnicity, race, and sex even when
applications are made entirely by telephone, mail, or the Internet. If an
applicant submitting his or her application in person fails to provide the
information, the lender must note the information from the applicant's _____
Right Ans - valid driver license
