Finish to Win it!!!

___________ is a legal claim against property that must be satisfied when the property is sold.

• Payoff

• Release

• Lien

• Easement

This is the tool being used to categorized documents in Image Services

• OCR

• Encompass

• Prokey

• Mortgage Express

This is also known as the Freddie Mac Form 65 / Fannie Mae Form 1003) is a standardized document used by borrowers to apply for a mortgage.

• Uniform Residential Loan Application

• Mortgage Loan  Application

• Underwriting Residential Loan Application

• Mortgage Residential Application Form

An ___________  allows qualified home buyers to skip the in-person appraisal process when buying a home. Instead, lenders use data generated by an automated underwriting system to determine the value of the home based on the information it has collected from other recent home sales in the area

• Appraisal Exception

• Appraisal Waiver

• Automated Appraisal Report

• Waiver Exception

Answer explanation

Fannie Mae requires that the buyers of most homes come up with a down payment of 20% of the home's final purchase price to qualify for an appraisal waiver. However, there is an exception. Buyers who are purchasing homes in what the Federal Housing Finance Agency (FHFA) identifies as a high-needs rural area can qualify for an appraisal waiver even if they come up with a down payment as low as 3% of the home's purchase price.

A property title is the official legal ownership in a home, giving home owners the right to use their property as they wish. Which among the property vesting type allows the customer to divide up the interest unequally between any number of people?

• Tenancy in Common

• Community property with right of ownership

• Joint tenancy with right of survivorship (JTWROS)

• Joint tenancy

Answer explanation

With tenancy in common, a customer can negotiate how much interest they have based on the criteria they’ve set. You may see this type of vesting with legacy homes like family cabins or beach houses.

When customers get a mortgage, it’s a complicated financial transaction. Our customers want to make sure that the loan officer giving them advice and walking them through the transaction has had the proper training to give them appropriate guidance based on their situation. One way to be sure of this is by looking up the Home Lending Advisors’ NMLS number. What does NMLS stand for?

• Nationwide Mortgage Licensure System

• Nationwide Mortgage Lending System

• Nationwide Mortgage Licensing System

• Nationwide Mortgage Literacy System

Answer explanation

NMLS is a comprehensive system of licensing for all state-licensed mortgage companies and MLOs (Mortgage Loan Originators), and registration for MLOs working in all depository institutions, including banks and credit unions. Nearly 640,000 companies and individuals use NMLS annually to manage their business licensing or registration, including consumer finance, debt and money services industries. In Chase, our Home Lending Advisors have their own NMLS ID.

The customer would like to request to change their due date in their Home Equity Loan. What is the correct statement:

• Chase do not accept due date modification change requests for HE Loans.

• The loan has to be refinanced.

• The due date can only be changed to every 15^th day of the month.

• A maximum of one due date change may be made during the lifetime of their line or loan.

A customer is earning $4,000 bi-weekly as an Electrical Engineer. If the customer has a $2,000 monthly obligation including the proposed mortgage, what is the customer’s debt to income ratio?

• 25%

• 23%

• 27%

• 24%

Answer explanation

$4,000x26 pay stubs =$104,000 annual pay

                        

$104,000/12 months =$8,666.67

                          $2,000/$8,666.67 = 23%

In the recently released Annual Letter to Shareholders, our CEO Jamie Dimon, emphasized the value of having our company’s clearly stated purpose. In his words, “these tenets unite our company across the globe”. Please fill in the missing words in our stated purpose:

 

                              Make _________  _________  for everyone, everywhere, every day    

Answer explanation

The foundation of our purpose are the following:   

·         Our vision – the ambition we hold ourselves to

·         Our values- the mindsets that unite us all

·         Our principles – the business principles that guide how we work

·         Our promises – our value proposition to employees customers, communities and shareholders