Mortgage Processing Assesment Test

Created by Danamp

What is the Fannie Mae form 1003, used for?
A summary of the information on the application for the underwriter is
A. Appraisal B. Service release premium C. Chapter 13 bankruptcy D. Transmittal Summary
The process of deciding wheter to make a loan based on credit, employment assets and other factors
A. depreciated value B. market value C. transmittal summary D. Underwriting Decision
Who pays for title insurance on a purchase contract
A. seller B. buyer C. negotiable D. title E. no one - it's free
If a loan application is approved, under ECOA rules and regulations, when must a copy of the appraisal be provided to the borrower
The present cost of constructing a new substitute structure equal to the existing structure in quality and utility - but using current construction methods - materials - design and layout
A. market value B. Replacement cost C. economic obsolescence D. Chapter 13 bankruptcy
Last two years are the most important
A. major credit bureaus B. Chapter 13 bankruptcy C. Chapter 7 bankruptcy D. Credit history criteria

Answer Key
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Mortgage Processing Assesment Test (Answer Key)

Created by Danamp

What is the Fannie Mae form 1003, used for?
Loan Application
A summary of the information on the application for the underwriter is
A. Appraisal B. Service release premium C. Chapter 13 bankruptcy D. Transmittal Summary
The process of deciding wheter to make a loan based on credit, employment assets and other factors
A. depreciated value B. market value C. transmittal summary D. Underwriting Decision
Who pays for title insurance on a purchase contract
A. seller B. buyer C. negotiable D. title E. no one - it's free
If a loan application is approved, under ECOA rules and regulations, when must a copy of the appraisal be provided to the borrower
3 business days
The present cost of constructing a new substitute structure equal to the existing structure in quality and utility - but using current construction methods - materials - design and layout
A. market value B. Replacement cost C. economic obsolescence D. Chapter 13 bankruptcy
Last two years are the most important
A. major credit bureaus B. Chapter 13 bankruptcy C. Chapter 7 bankruptcy D. Credit history criteria

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