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cond exam smart

QuestionAnswer
Which of the following is the BEST definition of a buydown loan? The buyer pays a front-end payment to lower the interest rate on the loan in order to qualify
An out of town buyer wanted to buy a home as soon as possible and did not want to pay a loan origination fee. Which type loan would be best? Assumed loan
A lender packaged a number of loans to sell to investors. This is referred to as a type of interim financing called warehouse financing
What is the basic purpose of commercial banks To make short-term business loans
Which non-governmental organization has its greatest investment in first mortgages on single family residences Savings and loans
A seller sold their house to a buyer and allowed the buyer to assume the seller's loan. Which of the following would give the seller the best protection regarding this situation? Novation
is a certificate which states the current loan balance on loan when the loan is being sold to the secondary mortgage market Estoppel certificate
A son and daughter-in-law wanted to buy their parents house and assume the mortgage. The son and daughter-in-law had just gone through bankruptcy. Which of the following clauses in a mortgage would prevent this sale and assumption from taking place? Alienation clause
Under an assumption of a loan, the buyer is primarily liable and the seller is secondarily liable. Assumption
Defeasance is a null and void clause which states that the mortgage is void after the note has been paid. defeasance
An agreement to waive prior rights in favor of another is subordination
An assignment to a loan from a seller to a buyer where the seller remains solely liable for debt Subject To,
The largest purchaser of home loans in the secondary mortgage market is The Federal National Mortgage Association is the largest purchaser of home loans in the secondary market FNMA
In times of a tight money market where the money supply is short, the secondary mortgage market helps first time home buyers by: providing liquidity to primary lenders
A place where loans already made by lenders are bought and sold the purpose is to provide liquidity for lenders Secondary Mortgage Markets
Which of the following statements is true about the Federal National Mortgage Association (FNMA It sells bonds to raise money to buy notes
Which is a purchaser of pooled mortgages in the secondary market Government National Mortgage Association
A lender sells a loan and the new mortgagee wants to know the existing balance estoppel certificate
Which of the following statements BEST describes the purpose of FHA? To act as an insurance company on first mortgages
A lender, in qualifying a buyer for a loan, would use a debt to income ratio
A person increased the monthly mortgage payments to a lender with all the increases in payments being applied to the principal loan balance. Which of the following terms best describes this type of payment plan Growing equity mortgage
If a builder wanted to obtain a mortgage for several pieces of property with a release clause, which type would be best Blanket mortgage
Which would NOT fall under a blanket mortgage Single unit in a condominium
Created by: tcarrano
 

 



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