Loan Programs Quiz Attempt #2

Loan Programs Quiz Attempt #2

Time limit: 0

Quiz Summary

0 of 20 Questions completed

Questions:

Information

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Quiz complete. Results are being recorded.

Results

0 of 20 Questions answered correctly

Your time:

Time has elapsed

You have reached 0 of 0 point(s), (0)

Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)

Average score
Your score

Categories

Not categorized 0%

You must review the content in this section and reattempt this quiz before proceeding to the next section.

*Loan Programs Quiz #3*
Congrats!! You may now proceed to the next Unit!

*Other Financing Techniques*

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Current
Review
Answered
Correct
Incorrect

Question 1 of 20

1. Question
Who is authorized to make VA loans in Georgia?
- Fannie Mae.
- HUD.
- a local mortgage banker or lending institution
- the Veterans Administration,
Correct

Incorrect
Question 2 of 20

2. Question
If loans do not meet Fannie Mae or Freddie Mac’s guidelines they are known as?
- Conforming
- Non-conforming
- Conventional
- Bridge
- FHA
Correct

Incorrect
Question 3 of 20

3. Question
What is the nature of a conventional loan? Select all that apply.
- Has terms that do not include insurance or a guarantee from a federal agency
- Loans that are forgivable
- Loans with no interest
- All of the above
- None of the above
Correct

Incorrect
Question 4 of 20

4. Question
Under the financing method _______, the seller carries a portion (or sometimes all) of the loan for the buyer.
- money back guarantee
- Purchase-Money Mortgage (PMM)
- purchase and carry on
- None of the above
Correct

Incorrect
Question 5 of 20

5. Question
What does PMI (private mortgage insurance) purchased by a lender provide?:
- none of the above
- Funds for the buyer to pay interest over the life of the loan
- Funds for the buyer to pay closing costs
- Funds to pay discount points required by the lender
Correct

Incorrect
Question 6 of 20

6. Question
Which of the following are government loan programs?
- FHA-Insured loans
- VA-Guaranteed Loans
- Agricultural Loan Programs
- All of the above
Correct

Incorrect
Question 7 of 20

7. Question
Which statement is correct about qualifying ratios?
- Both calculations are to determine whether a borrower can qualify for a mortgage
- There are two types of rations-"top" or "front" and "back" or "bottom"
- The "top" ratio is a calculation of the borrower's monthly housing costs (principal, taxes, insurance, mortgage insurance, homeowners' association fees) as a percentage of monthly income
- none of the above
Correct

Incorrect
Question 8 of 20

8. Question
Borrowing against the equity of your own home is considered to be:
- leveraged equity
- equity financing
- home equity line of credit
- none of the above
Correct

Incorrect
Question 9 of 20

9. Question
To figure out the PMI of a $220,000 house with a $28,600 down payment which loan is used?
- 80 percent
- 90 percent
- 87 percent
- 85 percent
Correct

Incorrect
Question 10 of 20

10. Question
Collection:
- occurs when a borrower falls behind
- applies when several things are in the same category on a loan application
- when the borrower seems as if they are about the fall behind
- takes place before recieving a loan
Correct

Incorrect
Question 11 of 20

11. Question
A lender would say that ____________ is the process of getting new loans.
- his bread and butter
- selling his product
- more than just a job
- loan origination
Correct

Incorrect
Question 12 of 20

12. Question
The type of loan that will most likely have the lowest loan-to-value ratio is best described as a(n):
- PMI Loan
- VA Loan
- FHA loan
- Conventional Loan
Correct

Incorrect
Question 13 of 20

13. Question
A straight term loan is defined as:
- When the borrower and seller pay the interest on the loan for a set number of years, then must pay off the entire loan principal in a lump sum or finance payment through another loan.
- When the borrower and seller pay the interest on the loan for the first five years of the loan, then is no longer responsible to pay off the remaining loan amount.
- A type of loan where only interest is paid is called a Straight Term Loan. The borrower must be prepared to pay the entire principal at the end of the time period
- When the seller only pays the interest on the loan for a set number of years, they must pay off the entire loan principal in a lump-sum or finance payment through another loan.
Correct

Incorrect
Question 14 of 20

14. Question
How does someone know that they are “pre-qualified” for a loan?
- A loan officer provides their written opinion on the borrower's ability to pay.
- A loan officer provides a written statement that states the borrower is able to afford a loan.
- A loan officer provides a written statement that states the borrower is able to afford loan after the loan officer has confirmed the borrower's ability to pay based on their debt, income, or saving.
- None of the answers are correct.
Correct

Incorrect
Question 15 of 20

15. Question
Which short-term interim loan is used to finance the cost of constrution?
- short-term loan
- construction loan
- stand in loan
- reversiable loan
Correct

Incorrect
Question 16 of 20

16. Question
If an elder wants to use the equity of his/her home to stay in thier house, which loan would be used?:
- Homeowners mortgage
- Reverse homeownership
- Reverse Mortgage
- Homeowners equity loan
Correct

Incorrect
Question 17 of 20

17. Question
Of the following, which best describes a loan that is not federally related?
- Are insured by federal agency
- That involves first or second mortgages
- A will being sold to Frannie Mae, Freddie Mac or Ginnie Mae
- Are insured or guaranteed by VA, FHA, or HUD-administration loans
Correct

Incorrect
Question 18 of 20

18. Question
A lender discloses whether or not they will finance a loan in which statement?:
- Settlement Statement
- Initial Escrow Statement
- Mortgage Servicing Disclosure statement
- Servicing Transfer Statement
Correct

Incorrect
Question 19 of 20

19. Question
______ can guarantee or insure government loans.
- The Department of Veterans' Affairs (VA)
- The Rural Housing Service (RHS)
- The Federal Housing Administration (FHA)
- All of the above
Correct

Incorrect
Question 20 of 20

20. Question
______ is used to describe the limitation of how much an ARM may adjust over a six month period, annual period, and over the life of the loan.
- High point
- Top stop
- Cap
- Buy-down
Correct

Incorrect

Login

Accessing this course requires a login. Please enter your credentials below!

Username or Email Address

Password

Remember Me

Lost Your Password?