#2 - Knowledge Check - ProLo MTG 101

Which type of lender is New American Funding?

• Wholesale lender

• Warehouse lender

• Direct lender

• Portfolio lender

Institutions that purchase loans from the Primary Market to create liquidity in the mortgage industry are considered to be part of what?

• Conforming Lenders

• Primary Market

• Secondary Market

• Wall Street

Which of the following are considered Government Sponsored Enterprises in the Secondary Market?

• Fannie Mae & Ginnie Mae

• Freddie Mac & Ginnie Mae

• Federal Home Loan Bank & Ginnie Mae

• Fannie Mae & Freddie Mac

Which of the following statements is true?

• New American Funding is part of the Primary Market

• Lenders cannot be part of both Primary and Secondary Markets

• Secondary Markets work direct with borrowers

• Ginnie Mae is part of the primary market

Which of the following is not technically a lender?

• Wholesale

• Mortgage Brokers

• Direct

• Portfolio

Which type of Lender lends a line of credit to other lenders, so the other lenders have monies to fund the loan?

• Wholesale Lender

• Warehouse Lender

• Direct Lender

• Portfolio Lender

What are the 2 main types of loans?

• Conventional & Conforming

• Non-Conventional & Government

• Conventional and Non-Conforming

• Conventional & Non-Conventional

FHA, VA, USDA are all examples of?

• Conventional Loans

• Non-Conventional Loans

• Conforming Loans

• Non-Conforming Loans