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General Mortgage Knowledge 32 Questions | By 2bfn | Last updated: Mar 8, 2013
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Questions and Answers 1. What does GSE stand for?
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A. Government Sponsored Equality B. Ginnie Sponsored Equity C. Government Sponsored Enterprises 2. What is a Primary Market?
A. Market is made up of those who create and Market mortgages. Banks,
Mortgage banking lenders, Mortgage brokers and their loan originators.
B. Market is made up of the entities that insure, guarantee and purchase the mortgages.
C. Market are not made up of entities that insure, guarantee and purchase the
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D. Market is not made up of those who create and market mortgages. Banks,
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mortgages.
Mortgage banking lenders, Mortgage brokers and their loan originators.
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3. Choose the one that best describes the Primary Market. A. Banks( Savings Banks; Savings and Loans; Credit Unions)
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A. Select a Match B. Mortgage Brokers and their loan originators B. Select a Match C. Mortgage banking lenders and their loan originators. C. Select a Match
4. The __________________ Market is made up of the entities that
insure, guarantee and purchase the mortgages:
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5. Secondary Market Products A. Fannie Mae (GSE) A. Select a Match B. Freddie Mac (GSE) B. Select a Match C. Fannie Mae - Franklin Roosevelt C. Select a Match D. Freddie Mac D. Select a Match E. Ginnie Mae E. Select a Match F. GNMA Certificate F. Select a Match G. FHA G. Select a Match H. VA H. Select a Match
6. ____________ pays 100 cents on the dollar to purchase.
A. Par Rate B. YSP C. Prime Rate D. Market Rate
Related Topics
E. Interest Rate
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F. Secondary Market 7. YSP stands for ____________________________________.
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A. Yearly Sales Percentage
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B. Yield Spread Premium
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C. Yearly Spread Prime D. Yearly Sales Premium 8. A Premium sale actually generates a profit to the lender and gives him/her
more money than he/she loans out. That premium is called _________________ .
A. Discount B. Par C. YSP D. Revenue 9. Rates sold above par is considered trading at a __________________.
10. ___________________ is a claim against property held by one who is not
the legal owner of the property that affect the physical condition of the property may be imposed on a parcel of land but do not prevent the owner from using, selling or otherwise transferring the estate. 11. Which of the following describes Encumbrances?
A. Easements B. Public and Private restrictions C. Encroachments D. Utility Easements E. Financial Encumbrance called lien F. Your home computer G. Your home sterio H. Your TV I. Mailbox 12. Match the following with liens. A. Voluntary Lien A. Select a Match B. Involuntary Liens B. Select a Match C. Non Exempt property C. Select a Match D. Specific Voluntary Lien D. Select a Match
13. A ________ is defined as a right of property, either real or personal, being
held by one party for the benefit of another. The parties to a trust include a trustor, who is the person that grants the rights to real estate to a trustee, who then holds the property in trust for a beneficiary.
14. In Realestate financing, when a trust deed is used, it is called a _______
or _________. The beneficiary (lender) selects the trustee who secures title from the trustor (borrower) along with the ability to foreclose if needed.
15. ___________ transfers ownership or interest in real property from one
person to another by a document, such as a deed, lease, or mortgage.
A. Conveyancing B. Reconveyance 16. When someone has satisfied their lien on their property it is then
considered a _________________________.
A. Conveyancing B. ReConveyance 17. A __________________ is a promise to repay a debt.
18. A ________________ is the pledge of collateral to secure the loan.
19. Contract for Deed is what below
A. Land Contract B. Real Estate Contract C. Contract for Sale D. Agreement For Deed E. Encumbrance for deed F. Installment Sale G. Property Auction H. Articles of Agreement I. Seller held Mortgage 20. A_______________ comes in many different forms. A contract for deed is
a complete financing and sales contract agreed upon and executed by a buyer and a seller. This means that the contract for deed does not have a an attached note.
A. Contract for deed B. Deed in lieu C. Property deed 21. _____________________________ the seller is financing the sale of the
property. The buyer agrees to take and maintain possession of the property as long as the terms of the agreement are being met.e
A. Land Contract B. Contract for deed C. Deed of Contract D. Contract for deed arrangement 22. _________ penalty means the borrower would be liable for a penalty
during the set timeframe for prohibited prepayment on Mortgaged Property and the property cannot be sold or refinanced during that time period.
A. Hard B. Soft C. Medieum 23. ________ penalty means the mortgaged property cannot be refinanced
during the prohibited - prepayment timeframe. But, it can be sold any time without becoming a liable for a penalty.
A. Hard B. Soft C. Medium 24. ____________________ Clause states that the entire balance of a
mortgage/deed of trust may be called due and payable upon the sale or the transfer of property ownership on the property in which the mortgage is placed. If the borrower violates this provision, the lender has the ability to call the loan due and payable immediately.
A. Acceleration Clause B. Santa Clause C. Due-on-Sale Clause D. Defeasance Clause 25. ____________________ Clause states that the entire balance of a
mortgage/deed of trust may be called due and payable upon the sale or the transfer of property ownership on the property in which the mortgage is placed. If the borrower violates this provision, the lender has the ability to call the loan due and payable immediately.
A. Acceleration Clause B. Santa Clause C. Due-on-Sale Clause D. Defeasance Clause 26. ____________________________ Clause means the lender has the
right to ask for all the funds to be due at a certain date if a payment is missed. All defaults has its right. For example FNMA/FHLMC states there has to be the following ___________, _____________, _____________,____________, ______________.
A. Acceleration Clause, Default, action cure default, 30 day notice to cure,
Statement that failure to cure will cause acceleration or foreclosure, right to reinstate.
B. Due on Sale, Default, action cure default, 30 day notice to cure, Statement that failure to cure will cause acceleration or foreclosure, right to reinstate.
C. Acceleration Clause, Default, action cure default, 30 day notice to cure,
Statement that failure to cure will cause acceleration or foreclosure, right to reinstate.
D. Exculpatory Clause, Default, action cure default, 30 day notice to cure,
Statement that failure to cure will cause acceleration or foreclosure, right to reinstate.
27. _____________________ Mortgage established to create lien on title for
creditors. When the debt is paid off or cancelled owner gains full control over it. Some states don't allow for lien on title.
A. Acceleration Clause B. Due on Sale Clause C. Defeasance Clause D. ExCulpatory Clause 28. ________________________________ Clause is that part of a written
agreement that relieves one party to the agreement of liability as a result of actions performed in the course of executing the terms of the contract. In a trust agreement an exculpatory clause relieves the trustee of liability resulting from any act performed in good faith under the turst agreement. Example landlord is relieved of personal injury to a tenant.
A. Due on Sale B. Exculpatory C. Acceleration D. Defeasance 29. Conventional Loans
A. Lender agreement thats not guranteed or insured by VA or FHA B. Loan Programs to help establish credit to borrows. C. Can follow guidelines of government sponsored Enterprises 30. ___________________ loan is a loan that has a maximum limit of
$417,000 and meet the guidelines for Fannie Mae and Freddie Mac.
A. Conforming B. Non Conforming C. Convent D. Conforming Second 31. ________________________ don't meet guidelines of Fannie Mae or
Freddie Mac, but still considered conventional. An example are Jumbo Loans exceeding the maximum loan amount by Fannie and Freddie.
A. Non-Confroming B. Conforming C. Conventional D. Conforming Example 32.
In order name the requirements for a loan application package. A S E V U S A. A. A. Select a Match B. B. B. Select a Match C. C. C. Select a Match D. D. D. Select a Match E. E. E. Select a Match F. F. F. Select a Match
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