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)  

A mortgage and deed is always accompanied by a _________

• Promissory Note

• Title Insurance

• Escrow Account

• Home Inspection

The Promissory Note is signed by the (a)   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