Department of housing and Urban Development

Mortgage Industry #1 Flashcards

1

What percentage covers new debt based on your credit score?

25%
10%
75%
0%

2

Does utilizing Encompass help the stacking order?

True
False

3

How many credit reporting agencies are there?

26
2
3
4

4

When was the FHA (Federal Housing Admin) started?

2017
1925
2025
1934

5

Why is LTV important?

Measures the amount of collateral risk
Measures the amount of money you have
It's regulated sometimes
It's not important

6

Are conventional loans guaranteed by the federal government?

Yes
No

7

What is DTI?

Deep tissue injury
Debt to Income
Don't try it!
Department of Trade

8

What is ARM?

Acorn Risk Machine
Adjustable Rate Mortgage
Application Response Management
Accounts Receivable Management

9

What part of Encompass covers Stacking Order

Admin Settings
Efolder
Tools
Forms

10

Loan officers:

Find borrower best program
All of the above
Take loan application
Prep for processing

11

What 2 individuals founded FICO?

Fair & Issac
Brown & McFly
Mulder & Scully
Benson and Stabler

12

Do you have the capability to impact the customer experience?

True
False

13

Can you receive different credit scores through the various credit reporting agencies?

Yes
No

14

What market services the loan?

Secondary Market
Banks
Primary Market
Credit Union Market

15

What is HUD?

Development of housing and Urban Department
Housing of Urban Development
Department of housing and Urban Development
Urban Department of Housing

Mortgage Industry #1

Questions 15

Mortgage Industry #1

Questions 15