_________ is the process of creating a new mortgage loan.
(a) Origination
, 2
(b) Funding
(c) Underwriting
(d) Servicing
* - ANSWER- A
A veteran can have more than one VA loan:
(a) If the prior VA loan was paid in full and the property disposed of
(b) The prior VA loan was assumed by an eligible veteran who substituted their entitlement
(c) A or B
(d) Under no circumstances - a VA loan is a "once in a lifetime" benefit
* - ANSWER- C
_________ are not-for-profit organizations that exist to serve their members.
(a) Mortgage companies
, 3
(b) Credit unions
(c) Insurance companies
(d) One that cannot be financed - ANSWER- B
A qualifying ratio that compares the borrower's proposed house payment to their gross monthly
income is the __________.
(a) Back ratio
(b) Appraisal ratio
(c) Front ratio
(d) Loan to value ratio - ANSWER- C
Periodic payment amounts such as principal & interest, estimated escrow, estimated monthly
payment, and __________ must be disclosed in the Projected Payments section of the Loan
Estimate form.
(a) Mortgage Insurance
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