REF MQ PT
The median credit score for most consumers is _______.
670-739
What does ARM stand for?
Adjustable rate mortgage
When borrowers started missing mortgage payments, how did this affect collateralized mortgage obligations?
CMOs weren't collecting the expected principal and interest payments.
The ______ is provided by a VA-assigned appraiser.
CRV
Which of the following is included in HMDA data?
Census tract information
Which entity sets the requirements for qualified mortgages?
Consumer Financial Protection Bureau
Which of the following actions did the Federal Reserve take in response to the 2007 financial crisis?
Decreased rates
Which entity regulates government-sponsored enterprises?
Federal Housing Finance Agency
Which of the following are potential private loan resources that may be willing to finance a home?
Individual entrepreneurs
What is the purpose of a lifting clause?
It allows a borrower to refinance a first mortgage without affecting its lien position even when a junior mortgage is in place.
Conforming loan limits vary based on two factors: location and what else?
Number of units being purchased with the property
What type of partnership is a real estate mortgage investment conduit?
Partnership between mortgagees
Which of these tasks is performed by the U.S. Mint?
Produces commemorative coins and medals
How common are interest-only loans today?
Rare
Two examples of loan adjustments or modifications are moratorium and ______.
Recasting
Which of the following was created as a result of the Housing and Economic Recovery Act?
The Federal Housing Finance Agency
Which act establishes general requirements that state agencies must follow when adopting rules or conducting contested cases?
The Texas Administrative Procedures Act
What is one of the main differences between the U.S. Mint and the Bureau of Engraving and Printing?
The U.S. Mint produces coins, and the Bureau of Engraving and Printing produces paper notes.
The FHA has helped to significantly improve the mortgage market through ______.
The introduction of the long-term amortized loan
Which of the following statements is true about national lending intuitions?
They sell packaged loans to investors.
Buyers Romy and Steven are looking over closing documents and don't know if the Loan Estimate matches everything on the Closing Disclosure. Usually, amounts shown on the Closing Disclosure that don't exactly match the figures on the Loan Estimate will be due to _______.
Updates to reflect the terms of the borrower's legal obligation when the loan closes
