Chapter 4

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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

Which of the following is paid on FHA insured loans where the borrower puts down a minimum down payment...?

MIP

Private mortgage insurance is not needed if the borrower makes a down payment of at least...?

20%

Which of the following operates in the primary mortgage market...?

Commercial banks

Loans processed on uniform loan forms according to FNMA/FHLMC guidelines are known as...?

Conforming loans

A mortgage made without governmental underwriting is referred to as a/an...?

Conventional loan

This is a number assigned to a person that indicates to lenders their capacity to repay a loan...?

Credit score

Conforming loans must meet the guidelines of...?

Fannie Mae

The Federal National Mortgage Association is also known as...?

Fannie Mae

This is a privately owned corporation that purchases FHA, VA, and conventional mortgages...?

Fannie Mae

Which of the following operates in the secondary mortgage market...?

Fannie Mae Freddie Mac Ginnie Mae

Freddie Mac is also known as the...?

Federal Home Loan Mortgage Corporation

A loan where the interest rate does not fluctuate during the term of the loan is known as a...?

Fixed Interest Rate Loan

This is a U.S. government agency that purchases FHA and VA mortgages...?

Ginnie Mae

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

Jumbo loan

The secondary mortgage market offers ...........for the primary mortgage market?

Liquidity

Justin obtained a mortgage from his local bank in order to purchase a new house. Justin was operating in the...?

Primary mortgage market

The marketplace whereby the loans that were originated in the primary mortgage market are bought and sold is known as the...?

Secondary mortgage market

Ginnie Mae was created under the...?

Urban Development Act of 1968


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