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WorksheetsMortgage
Total questions: 11
Worksheet time: 6mins
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
What's the proper verbiage on a mortgage account with less than 12 months in the pay pattern due to this account has been transferred from a previous lender/creditor?
VERIFIED PER ___ @ ___ - FOR PREVIOUS PAYMENT HISTORY SEE ___
VERIFIED PER ___ @ ___ - LPM ___ NPD ___ FOR PREVIOUS PAYMENT HISTORY SEE ___
VERIFIED PER ___ @ ___ FIRST PAYMENT DUE ON ___ LPM ___ NPD ___ FOR PREVIOUS PAYMENT HISTORY SEE ___
VERIFIED PER ___ @ ___ LPM ___ NPD ___ FOR PREVIOUS PAYMENT HISTORY SEE ___
