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Chapter 13 Quiz

2019.04.27 19:26 Views : 199

1 of 12 - Fannie Mae does all of the following activities except which?
 
Buys conventional, FHA and VA loans.
Buys pools of mortgages in exchange for mortgage-backed securities.
Guarantees payment of all interest and principal on mortgage-backed securities.
 
Administers special assistance programs.
You answered incorrectly
Fannie Mae buys conventional, FHA, and VA loans; buys blocks of mortgages, sells mortgage-backed securities, and guarantees payment of mortgage-backed securities. Fannie Mae does not administer special assistance programs.
2 of 12 - California law requires that a licensee acting as a loan broker keep the Mortgage Loan Disclosure Statement on file for how long?
1 year
2 years
 
3 years
4 years
You answered correctly
3 of 12 - Who is FNMA?
 
Fannie Mae
Ginnie Mae
Fannie Mac
Freddie Mac
You answered correctly
4 of 12 - Regulation Z applies to:
$35,000 farm loan
$50,000 restaurant loan
 
$75,000 condominium loan
$85,000 warehouse loan
You answered correctly
5 of 12 - The maximum commission amount a mortgage loan broker can charge on a second mortgage loan of 3 years for $18,000 is what?
$900.00
$1,500.00
 
$1,800.00
 
$2,700.00
You answered incorrectly
The maximum commission a loan broker can charge for a loan of 3 years or more is 15%, so $18,000 loan x 15% = $2,700 maximum commission.
6 of 12 - Which statement is not true?
Mortgage brokers do not lend money.
 
Mortgage bankers bring borrowers and lenders together.
 
Mortgage bankers are a large source of residential loans in California.
Mortgage bankers originate loans.
You answered incorrectly
Mortgage bankers loan their own money and money from their investors and are a large source of residential mortgage loans in California. Mortgage brokers, on the other hand, do not lend money or service loans but do bring potential borrowers and lenders together.
7 of 12 - When a lender is evaluating a buyer's ability to repay a loan, the lender looks at all of these items except which one?
 
Educational history
Past credit history
Present employment status
 
Liabilities
You answered incorrectly
When a lender evaluates a loan application, the lender is assessing the risk of granting the loan to the buyer. This underwriting process includes looking at the buyer's income from employment, the buyer's net worth based on assets versus liabilities, and creditworthiness based on credit reports. Educational history is not part of the evaluation process.
8 of 12 - ECOA requires that a lender send a denial notice within:
 
30 days
60 days
90 days
120 days
You answered correctly
9 of 12 - All of the following are primary mortgage market lenders except which?
Investment groups
Credit unions
Mortgage bankers
 
Holding warehouse agencies
You answered correctly
10 of 12 - RESPA applies to:
Second mortgage on a time-share
 
First mortgage on a single-family home
Primary mortgage on an office building
Settlement charges on a shopping center
You answered correctly
11 of 12 - Which of the following statements is not true about the Federal Reserve?
Regulates reserve requirements for all institutions that offer checking accounts.
Supervises the Truth in Lending Act.
 
Supervises the Federal Housing Authority.
 
Engages in open market operations.
You answered incorrectly
The Federal Reserve System is the nation's central bank that supervises the Truth-in-Lending Act, regulates reserve requirements for all banks offering checking accounts, sets a discount rate of interest, and engages in open market operations. It does not supervise the FHA.
12 of 12 - The amount of debt, time and method of payment, interest rate and other loan terms are part of the:
Mortgage
 
Promissory note
 
Contract for deed
Purchase agreement
You answered incorrectly
A promissory note is the buyer's promise to repay the loan according to the terms. The note states the amount that is being borrowed, the time and method of repayment, the interest rate, and any other loan terms.

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