Mortgage Processing Assesment Test

Created by Danamp

Question or Hint Answer or Word

What is the Fannie Mae form 1003, used for? Loan Application
A summary of the information on the application for the underwriter is Transmittal Summary (wrong answers: Appraisal , Service release premium , Chapter 13 bankruptcy )
The process of deciding wheter to make a loan based on credit, employment assets and other factors Underwriting Decision (wrong answers: depreciated value , market value, transmittal summary )
Who pays for title insurance on a purchase contract negotiable (wrong answers: seller , buyer, title, 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 Replacement cost (wrong answers: market value, economic obsolescence, Chapter 13 bankruptcy)
Last two years are the most important Credit history criteria (wrong answers: major credit bureaus, Chapter 13 bankruptcy, Chapter 7 bankruptcy)