Unit 15 Quiz Attempt #3

What is the minimum credit score required under the Federal Housing Administration (FHA)- Insured?

A loan in which the borrower makes only interest payments is called a(n)

A budget mortgage is

Foreclosure is

A wraparound loan is when

Under which financing method the seller carries a portion (or sometimes all) of the loan for the buyer?

What is it called when a borrower signs without using collateral?

A conventional mortgage loan is one that is

Which laws or regulation require mortgage lenders to provide an estimate of closing costs to a borrower and forbid them to pay kickbacks for referrals?

The practice of redlining is specifically prohibited by

What is the definition of a cash out refinance? 

What is a construction loan?

A lender in Georgia calculates the PMI of a $220,000 home with $28,600 down payment with a ____ loan.

A loan that is required for the remaining balance at a specific time

Loans guaranteed or insured by the Federal Housing Administration, the Department of Veterans’ Affairs, and the Rural Housing Service are __

Assessing PMI by a Georgia lender is for?

The difference between the fair market value of a property and the amount still owed on the mortgage and other liens is called:

Raw data pulled from two or more of the major credit repositories which creates a credit report is a

A no cash-out refinance is best described as

A ‘deed in lieu’ (of foreclosure) is not _______

A mortgage banker…

Who participates in the secondary market?

What provides additional security to a lender’s interest in a mortgage loan with a high LTV (loan-to-value) ratio?

The mortgagor would pay no principle on the loan until the end of the term in a ____ mortgage?

Which of the answers does not pertain to the Treasury index?

Which is true of the Veteran’s Administration

______ is the deal a seller makes with a purchaser to stay in the home after close