Test your basic knowledge |

Mortgage Processing Underwriting

Instructions:
  • Answer 30 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Involves liquidation of assets to cancel debts so a person can start fresh






2. The process of deciding whether to make a loan based on credit - employment - assets and other factors






3. Fannie Mae's automated underwriting system






4. Used to appraise properties that produce rental income






5. Results from loss of functionality due to basic construction techniques used - as well as inadequacy - outdatedness - or overadequacy in a building






6. Results from factors outside and surrounding the property - such as zoning - blight - high taxes - and pollution - and is - therefore - almost always incurable






7. Equal to the cost to replace or reproduce the improvements less depreciation






8. Net adjustments should not exceed 15% of the sales price - gross adjustments should not exceed 25% of the sales price






9. Freddie Mac's automated underwriting system






10. Request a statement of the reasons for the adverse action from the lender and obtain a copy of his credit report from the credit bureau - if the adverse action was based on information in that report






11. A summary of the information on the application for the underwriter






12. A written report of an appraiser's informed - objective opinion or estimate of the market value of the property that is security for the loan - as of a specified date






13. Purpose is to report on structural defects






14. Commitment to issue a title insurance policy - provided certain conditions are cleared prior to closing






15. Last two years the most important






16. Experian FICO - Equifax BEACON - TransUnion EMPIRICA






17. Multiplying a property's estimated monthly rent by an appropriate multiplier - the multiplier is derived by dividing the sales prices of comparable houses that have sold by their monthly rents






18. The most probable price a property should bring in a competitive and open market - with the buyer and seller each acting prudently and knowledgably






19. The spread between the interest rate in the loan and the par interest rate paid by the purchaser of a sold loan






20. The present cost of constructing a new substitute structure equal to the existing structure in quality and utility - but using current construction methods - materials - design and layout






21. Involves implementing a payment plan over three to five years to pay off the debts






22. Collateral - Capital - Capacity - Character (Credit history)

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


23. That have not applied the Home Valuation Code of Conduct to those loans






24. Estimates the value of the land and the depreciated value of the improvements on the land separately and adds the two values to arrive at an estimate of the property's total value - most often used for new construction and churches and public service






25. The present cost of constructing a new substitute structure that is an exact replica of the existing structure






26. Provides that the investor may return the loan to the originating lender if the borrowers default within a specified period of time; there is evidence of loan fraud; the loan does not comply with regulatory requirements.






27. Used by a real estate agent to estimate an appropriate sales price for an owner wanting to list his property for sale - is not acceptable as an appraisal for underwriting purposes






28. The rate of return the new owner can expect to receive - including an annual rate of return desired on the investment - and a rate of return of the investment necessary to recapture the depreciation of the improvements






29. The title company agrees to pay the insured a specific amount for a loss resulting from a claim caused by a defect in the title that had not been excluded in the policy






30. Bases the value of a property on the prices paid for similar - or comparable - properties in the area that have recently sold







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests