Texas Real Estate Finance - Chapter 4

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Fannie Mae

The Federal National Mortgage Association is also known as...? Freddie Mac Fannie Mae Farmer Mac Ginnie Mae

Liquidity

The secondary mortgage market offers ...........for the primary mortgage market? Loans Insurance Liquidity Warranties

Ginnie Mae

This is a U.S. government agency that purchases FHA and VA mortgages...? FDIC HUD Farmer Mac Ginnie Mae

Secondary mortgage market

The marketplace whereby the loans that were originated in the primary mortgage market are bought and sold is known as the...? Front-end mortgage market Secondary mortgage market Back-end mortgage market Stock market

Fixed Interest Rate Loan

A loan where the interest rate does not fluctuate during the term of the loan is known as a...? Fixed Interest Rate Loan ARM Dynamic Rate Loan Variable Rate Loan

Jumbo loan

A loan whose amount is above conventional conforming loan limits set by Fannie Mae and Freddie Mac is known as a...? ARM Commercial loan Term loan Jumbo loan

Adjustable Rate Mortgage

A mortgage loan which bears interest at a rate subject to change during the term of the loan, predetermined or otherwise, is known as a/an...? Adjustable Rate Mortgage Fixed Interest Rate Loan Term Loan Straight Loan

Conventional loan

A mortgage made without governmental underwriting is referred to as a/an...? Conventional loan FHA insured loan VA loan Unconventional loan

Fannie Mae

Conforming loans must meet the guidelines of...? FDIC Wall street Fannie Mae RESPA

Federal Home Loan Mortgage Corporation

Freddie Mac is also known as the...? Government National Mortgage Association Federal National Mortgage Association Federal Home Loan Mortgage Corporation Federal Housing Finance Association

Negative amortization loans

In this loan type, the principal balance of the loan increases over time...? All of the above Negative amortization loans Fully amortizing loans Fixed interest rate loan

Primary mortgage market

Justin obtained a mortgage from his local bank in order to purchase a new house. Justin was operating in the...? Primary mortgage market Secondary mortgage market Front-end mortgage market Back-end mortgage market

Conforming loans

Loans processed on uniform loan forms according to FNMA/FHLMC guidelines are known as...? Conforming loans Conventional loans Non-conforming loans Private loans

20 Percent (%)

Private mortgage insurance is not needed if the borrower makes a down payment of at least...? 10 Percent (%) 3.5 Percent (%) 5 Percent (%) 20 Percent (%)

Credit score

This is a number assigned to a person that indicates to lenders their capacity to repay a loan...? Credit score Underwriting score Loan estimate score Financial score

Fannie Mae

This is a privately owned corporation that purchases FHA, VA, and conventional mortgages...? Freddie Mac Fannie Mae Farmer Mac Ginnie Mae

Commercial banks

Which of the following operates in the primary mortgage market...? Commercial banks Fannie Mae Freddie Mac Ginnie Mae

All of the above

Which of the following operates in the secondary mortgage market...? Fannie Mae Freddie Mac Ginnie Mae All of the above

Farmer Mac

Which of the following purchases agricultural loans...? Ginnie Mae Freddie Mac Fannie Mae Farmer Mac


Kaugnay na mga set ng pag-aaral

PrepU (ch 38, 40, 41, 13, 15, 16)

View Set

Transfer of Title to Real Property

View Set

ART APPRECIATION - THREE-DIMENSIONAL MEDIA Unit Test Review (Introduction to Art)

View Set

Warrantless Searches and Seizures

View Set

ITIL Service Design Availability Management

View Set

CIE A Level: Control and Coordination

View Set