Mortgage Educators Questions and Correct Detailed Answers (Verified Answers) ||Already Graded A+||Newest Version

Mortgage Educators Questions and Correct Detailed
Answers (Verified Answers) ||Already Graded
A+||Newest Version
Quiz: What is the name of Fannie Mae's automated underwriting system?

Ans: Desktop Underwriter



Quiz: Regarding a balloon loan, which is the most correct?

Ans: The balloon is disclosed on the Note and the Trust Deed Ride



Quiz: The 1003 is which of the following?

Ans: The Uniform Residential Loan Application



Quiz: What is the name of Freddie Mac's automated underwriting system?

Ans: Loan Prospector



Quiz: 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


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, Quiz: Which of the following is the most correct concerning a trust deed?

Ans: It encumbers the borrower's title to the real estate.



Quiz: 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.



Quiz: Which of the following is not included in a credit score?

Ans: Income information



Quiz: Which is not a credit reporting agency?

Ans: MGIC



Quiz: Which is not included in debt-to-income ratio?

Ans: Netflix monthly fee



Quiz: The Homeowners Protection Act states that when a loan-to-value falls

below 78% PMI is to be:

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, Ans: Terminated



Quiz: PITI is the acronym for:

Ans: Principal, Interest, Taxes, Insurance.



Quiz: LTVR/LTV is the acronym for:

Ans: Loan to value ratio



Quiz: HELOC is the acronym for:

Ans: Home Equity Line of Credit..



Quiz: PUD is the acronym for:

Ans: Planned Unit Development.



Quiz: VA is the acronym for:

Ans: Veteran Affairs.




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, Quiz: 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



Quiz: LIBOR is the acronym for:

Ans: London Inter-bank Offered Rate.



Quiz: The term "20 basis points" expressed as a percentage is:

Ans: 0.20%



Quiz: 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



Quiz: New VA loans are available to:

Ans: eligible veterans.



Quiz: Which of the following statements about a VA loan is true?

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