Mortgage

On which mortgage types the PITI is always included?

• VA and HELOC

• FHA and Conventional

• VA and FHA

• FHA and Equity Loans

What’s the correct “Account Type” for a Home Equity Line of Credit?

• Revolving

• Mortgage Loan

• Installment

• Open

What’s the correct “Account Type” for a Conventional Mortgage?

• Revolving

• Mortgage Loan

• Installment

• Open

What does P.I.T.I. stands for?

• Payment, interest, taxes and insurance

• Principal, interest, taxes and insurance

• Payment, principal, taxes and insurance

• Property, interest, taxes and insurance

What does it mean that the terms are reported as “REV” on a revolving account?

• Interest payments only

• Interest and principal payment

• Principal payments only

• Principal and taxes payment

What types of accounts do always include LPM and NPD on the verbiage?

• Auto loan and Home Equity/HELOC

• Mortgage and HELOC

• Mortgage and Installment

• Mortgage and Revolving

What is the “Loan type” on a private mortgage account?

• VA Real Estate Mortgage

• Second mortgage

• FHA Real Estate Mortgage

• Conventional Real Estate Mortgage

What piece of information do we need to verify when the mortgage account shows less than 12 months in the pay pattern?

• Last payment made

• Next payment due

• First payment due

• Date open

What's the proper verbiage on a mortgage account that requires a general update?

• VERIFIED PER ___ @ ___

• VERIFIED PER ___ @ ___ FIRST PAYMENT DUE ON ___

• VERIFIED PER ___ @ ___ LPM ___ NPD ___

• VERIFIED PER ___ @ ___ - FOR PREVIOUS PAYMENT HISTORY SEE ___

What's the proper verbiage on a mortgage account with less than 12 months in the pay pattern?

• VERIFIED PER ___ @ ___

• VERIFIED PER ___ @ ___ LPM ___ NPD ___

• VERIFIED PER ___ @ ___ FIRST PAYMENT DUE ON ___ LPM ___ NPD ___

• VERIFIED PER ___ @ ___ FIRST PAYMENT DUE ON