©BRAINBARTER 2024/2025 ALL RIGHTS RESERVED.
Mortgage Educators Exam With Latest
Questions And Answers. Updated And
Verified.
What is the name of Fannie Mae's automated underwriting system? - Answer✔Desktop
Underwriter
Regarding a balloon loan, which is the most correct? - Answer✔The balloon is disclosed on the
Note and the Trust Deed Ride
The 1003 is which of the following? - Answer✔The Uniform Residential Loan Application
What is the name of Freddie Mac's automated underwriting system? - Answer✔Loan
Prospector
Which of the following is not an acceptable source for the borrower's down payment on a
Fannie Mae loan? - Answer✔A cash advance from a credit card if it doesn't show on the credit
report
Which of the following is the most correct concerning a trust deed? - Answer✔It encumbers the
borrower's title to the real estate.
A discount point is best described as a charge that the borrower pays to: - Answer✔a lender to
decrease the interest rate on a mortgage loan.
Which of the following is not included in a credit score? - Answer✔Income information
Which is not a credit reporting agency? - Answer✔MGIC
Which is not included in debt-to-income ratio? - Answer✔Netflix monthly fee
The Homeowners Protection Act states that when a loan-to-value falls below 78% PMI is to be:
- Answer✔Terminated
PITI is the acronym for: - Answer✔Principal, Interest, Taxes, Insurance.
LTVR/LTV is the acronym for: - Answer✔Loan to value ratio
HELOC is the acronym for: - Answer✔Home Equity Line of Credit..
1|Page
, ©BRAINBARTER 2024/2025 ALL RIGHTS RESERVED.
PUD is the acronym for: - Answer✔Planned Unit Development.
VA is the acronym for: - Answer✔Veteran Affairs.
According to the Truth-in-Lending Act (TILA), which of the following fees is EXCLUDED from the
calculation of the annual percentage rate? - Answer✔Hazard insurance
LIBOR is the acronym for: - Answer✔London Inter-bank Offered Rate.
The term "20 basis points" expressed as a percentage is: - Answer✔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? - Answer✔$2,471.73
New VA loans are available to: - Answer✔eligible veterans.
Which of the following statements about a VA loan is true? - Answer✔A veteran can have two
or more VA loans in place simultaneously.
FHA (Federal Housing Administration) loans fall under the control and guidelines of: -
Answer✔HUD/CFPB.
FHA loans can be obtained by: - Answer✔anyone.
Interest rates for an FHA loan are set by: - Answer✔market forces and/or negotiation between
lender and borrower.
ALTA is the acronym for: - Answer✔American Land Title Association.
COFI is the acronym for: - Answer✔Cost of Funds Index.
CRV is the acronym for - Answer✔Certificate of Reasonable Value.
FDIC is the acronym for: - Answer✔Federal Deposit Insurance Corporation.
What are the qualifying ratios on an FHA loan when manually underwritten? - Answer✔31/43
What loan requires an upfront mortgage insurance fee? - Answer✔FHA
On an FHA loan, the discount points can be paid: - Answer✔either by the borrower and/or the
seller.
In selling a home which has an FHA loan, when can the FHA loan be assumed? - Answer✔When
the loan documents say the FHA loan is assumable
An active duty service person, or a veteran obtaining his/her first VA loan would pay what
amount for the VA funding fee (2017)? - Answer✔2.15%
The loan officer suspects the social security number in an FHA application is incorrect, what
must he/she do? - Answer✔Contact the Social Security administration to verify it.
2|Page
Mortgage Educators Exam With Latest
Questions And Answers. Updated And
Verified.
What is the name of Fannie Mae's automated underwriting system? - Answer✔Desktop
Underwriter
Regarding a balloon loan, which is the most correct? - Answer✔The balloon is disclosed on the
Note and the Trust Deed Ride
The 1003 is which of the following? - Answer✔The Uniform Residential Loan Application
What is the name of Freddie Mac's automated underwriting system? - Answer✔Loan
Prospector
Which of the following is not an acceptable source for the borrower's down payment on a
Fannie Mae loan? - Answer✔A cash advance from a credit card if it doesn't show on the credit
report
Which of the following is the most correct concerning a trust deed? - Answer✔It encumbers the
borrower's title to the real estate.
A discount point is best described as a charge that the borrower pays to: - Answer✔a lender to
decrease the interest rate on a mortgage loan.
Which of the following is not included in a credit score? - Answer✔Income information
Which is not a credit reporting agency? - Answer✔MGIC
Which is not included in debt-to-income ratio? - Answer✔Netflix monthly fee
The Homeowners Protection Act states that when a loan-to-value falls below 78% PMI is to be:
- Answer✔Terminated
PITI is the acronym for: - Answer✔Principal, Interest, Taxes, Insurance.
LTVR/LTV is the acronym for: - Answer✔Loan to value ratio
HELOC is the acronym for: - Answer✔Home Equity Line of Credit..
1|Page
, ©BRAINBARTER 2024/2025 ALL RIGHTS RESERVED.
PUD is the acronym for: - Answer✔Planned Unit Development.
VA is the acronym for: - Answer✔Veteran Affairs.
According to the Truth-in-Lending Act (TILA), which of the following fees is EXCLUDED from the
calculation of the annual percentage rate? - Answer✔Hazard insurance
LIBOR is the acronym for: - Answer✔London Inter-bank Offered Rate.
The term "20 basis points" expressed as a percentage is: - Answer✔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? - Answer✔$2,471.73
New VA loans are available to: - Answer✔eligible veterans.
Which of the following statements about a VA loan is true? - Answer✔A veteran can have two
or more VA loans in place simultaneously.
FHA (Federal Housing Administration) loans fall under the control and guidelines of: -
Answer✔HUD/CFPB.
FHA loans can be obtained by: - Answer✔anyone.
Interest rates for an FHA loan are set by: - Answer✔market forces and/or negotiation between
lender and borrower.
ALTA is the acronym for: - Answer✔American Land Title Association.
COFI is the acronym for: - Answer✔Cost of Funds Index.
CRV is the acronym for - Answer✔Certificate of Reasonable Value.
FDIC is the acronym for: - Answer✔Federal Deposit Insurance Corporation.
What are the qualifying ratios on an FHA loan when manually underwritten? - Answer✔31/43
What loan requires an upfront mortgage insurance fee? - Answer✔FHA
On an FHA loan, the discount points can be paid: - Answer✔either by the borrower and/or the
seller.
In selling a home which has an FHA loan, when can the FHA loan be assumed? - Answer✔When
the loan documents say the FHA loan is assumable
An active duty service person, or a veteran obtaining his/her first VA loan would pay what
amount for the VA funding fee (2017)? - Answer✔2.15%
The loan officer suspects the social security number in an FHA application is incorrect, what
must he/she do? - Answer✔Contact the Social Security administration to verify it.
2|Page
