Chapter 9 – Application Process

According to Chapter 9 – Application Process, what is Fannie Mae’s 1003?

• A) A type of mortgage

• B) Uniform Residential Loan Application

• C) A promissory note

• D) A loan type

Application for a loan can be taken face-to-face, over the telephone, mail, or internet.

• True

• False

Salaried borrowers will need to provide a W-2 and current pay stub of last ___ days.

• 30

• 15

• 60

• 90

Child support payments must continue for how many years to be considered?

• Three years

• One year

• Five years

• Ten years

Alimony can be used as a qualifying income if documented it has been received for 12 months and will continue for how many years?

A mortgage and deed is always accompanied by a _________

• Promissory Note

• Title Insurance

• Escrow Account

• Home Inspection

The Promissory Note is signed by the ______ only and is NOT recorded.

Which type of mortgage allows the lender to take additional money up front from the borrower in return for a lower interest rate?

• Blanket Mortgage

• Buy Down Mortgage

• Chattel Mortgage

• Package Mortgage

Which type of mortgage is used for several parcels of property, often by builders?

• Blanket Mortgage

• Chattel Mortgage

• Package Mortgage

• Second Mortgage

A mortgage loan that includes personal property as additional collateral is called a _________.

• Chattel Mortgage

• Blanket Mortgage

• Package Mortgage

• Open-End Mortgage