Mortgage Educators Questions and Correct Detailed
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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:
o
o
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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?
o
o
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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
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+254707240657]
o For online exams and tutor expert, please whatsapp
me in the number given.
, 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:
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+254707240657]
o For online exams and tutor expert, please whatsapp
me in the number given.
, 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.
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+254707240657]
o For online exams and tutor expert, please whatsapp
me in the number given.
, 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?
o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+254707240657]
o For online exams and tutor expert, please whatsapp
me in the number given.
