K
C
LO
YC
RMLO CHAMPIONS SCHOOL
D
OF REAL ESTATE EXAM
U
QUESTIONS WITH CORRECT
ST
ANSWERS ALL VERIFIED BY
AN EXPERT A+ GRADED
(LATEST UPDATE)
, A market for the purchase and sale of existing mortgages designed to provide greater liquidity
for selling mortgages is called the ________. - ANS secondary market
The Federal agency established to restore Fannie Mae and Freddie Mac to a sound and solvent
financial condition is _____. - ANS Federal Housing Finance Agency (FHFA)
The ____ guarantee allows mortgage lenders to obtain a better price for their loan in the capital
markets. - ANS Gov't. National Mortgage Association - Ginnie Mae
K
The federally chartered corporation was established in 1970 for the purpose of purchasing
mortgages in the secondary market is known as ______. - ANS Federal Home Loan Mortgage
Corporation - Freddie Mac
C
The line of credit used by a mortgage lender to close and fund a loan before selling it in the
secondary market is called a ____. - ANS warehouse line
LO
Today the _____ specializes as the intermediary between the borrower and the lender. - ANS
mortgage broker
A _____ is a mortgage that is NOT guaranteed or insured by any government agency. - ANS
YC
conventional loan
A ____ seeks to originate numerous loan transactions and then sell these mortgages to large
investors. - ANS mortgage banker
The Good Faith Estimate disclosure form is used primarily for _____ transactions. - ANS
D
reverse mortgage
The disclosures related to the transfer of ______ are required for first mortgage liens of federally
U
related mortgage loans, including all financing transactions of such loans. - ANS mortgage
servicing
ST
_____ sets limits on the amounts that a lender may require a borrower to put into an escrow
account for purposes of paying taxes, hazard insurance and other charges related to the
property. - ANS RESPA Section 10
Payments in excess of the reasonable value of goods provided or services rendered are
considered _____. - ANS kickbacks
If a lender has either an affiliate relationship or a direct ownership interest of more than one
percent in a provider of settlement services and they directly refer business to the provider, it is
per Reg X a _____. - ANS affiliated business arrangement (ABA)
C
LO
YC
RMLO CHAMPIONS SCHOOL
D
OF REAL ESTATE EXAM
U
QUESTIONS WITH CORRECT
ST
ANSWERS ALL VERIFIED BY
AN EXPERT A+ GRADED
(LATEST UPDATE)
, A market for the purchase and sale of existing mortgages designed to provide greater liquidity
for selling mortgages is called the ________. - ANS secondary market
The Federal agency established to restore Fannie Mae and Freddie Mac to a sound and solvent
financial condition is _____. - ANS Federal Housing Finance Agency (FHFA)
The ____ guarantee allows mortgage lenders to obtain a better price for their loan in the capital
markets. - ANS Gov't. National Mortgage Association - Ginnie Mae
K
The federally chartered corporation was established in 1970 for the purpose of purchasing
mortgages in the secondary market is known as ______. - ANS Federal Home Loan Mortgage
Corporation - Freddie Mac
C
The line of credit used by a mortgage lender to close and fund a loan before selling it in the
secondary market is called a ____. - ANS warehouse line
LO
Today the _____ specializes as the intermediary between the borrower and the lender. - ANS
mortgage broker
A _____ is a mortgage that is NOT guaranteed or insured by any government agency. - ANS
YC
conventional loan
A ____ seeks to originate numerous loan transactions and then sell these mortgages to large
investors. - ANS mortgage banker
The Good Faith Estimate disclosure form is used primarily for _____ transactions. - ANS
D
reverse mortgage
The disclosures related to the transfer of ______ are required for first mortgage liens of federally
U
related mortgage loans, including all financing transactions of such loans. - ANS mortgage
servicing
ST
_____ sets limits on the amounts that a lender may require a borrower to put into an escrow
account for purposes of paying taxes, hazard insurance and other charges related to the
property. - ANS RESPA Section 10
Payments in excess of the reasonable value of goods provided or services rendered are
considered _____. - ANS kickbacks
If a lender has either an affiliate relationship or a direct ownership interest of more than one
percent in a provider of settlement services and they directly refer business to the provider, it is
per Reg X a _____. - ANS affiliated business arrangement (ABA)
