Podcast
Questions and Answers
What year was the mortgage amended?
What year was the mortgage amended?
- 1954
- 1967
- It was never amended (correct)
- 1980
Which activity is NOT typically performed by a mortgage agent?
Which activity is NOT typically performed by a mortgage agent?
- Brokering a new mortgage
- Refinancing of an existing mortgage
- Supervising other agents
- Arranging investing in a bond (correct)
What type of mortgage is taken out by Atif?
What type of mortgage is taken out by Atif?
- Line of Credit
- HELOC
- Second mortgage (correct)
- First mortgage
What happens to the purchaser's repayment value if the home's value decreases to $150,000?
What happens to the purchaser's repayment value if the home's value decreases to $150,000?
What is the term used when a person needs the proceeds of their current home's sale for their down payment?
What is the term used when a person needs the proceeds of their current home's sale for their down payment?
What does 'J12' signify in compounding frequencies for interest rates?
What does 'J12' signify in compounding frequencies for interest rates?
What is the current value of Ms. House's condominium unit?
What is the current value of Ms. House's condominium unit?
What is the total monthly debt obligation for Ms. House, excluding the current mortgage payment?
What is the total monthly debt obligation for Ms. House, excluding the current mortgage payment?
What is the maximum percentage of Tedros' monthly income that can be allocated towards his mortgage payments, property taxes, and other debt obligations?
What is the maximum percentage of Tedros' monthly income that can be allocated towards his mortgage payments, property taxes, and other debt obligations?
What is the monthly mortgage payment for Ms. House's proposed mortgage based on a TDS of 44%?
What is the monthly mortgage payment for Ms. House's proposed mortgage based on a TDS of 44%?
What is the percentage of Tedros' credit score that is affected by 'Inquiries'?
What is the percentage of Tedros' credit score that is affected by 'Inquiries'?
What document is often required by a lender to verify an applicant's employment?
What document is often required by a lender to verify an applicant's employment?
What is the term for a person who is legally declared to be unable to pay debts?
What is the term for a person who is legally declared to be unable to pay debts?
To convert a decimal to a percentage, it must be multiplied by:
To convert a decimal to a percentage, it must be multiplied by:
What is the loan to value of a $455,500 mortgage on a property valued at $655,500?
What is the loan to value of a $455,500 mortgage on a property valued at $655,500?
In calculating the LTV of a mortgage, the '/' character represents which of the following signs?
In calculating the LTV of a mortgage, the '/' character represents which of the following signs?
What is the term for the ratio of debt to income expressed as a percentage?
What is the term for the ratio of debt to income expressed as a percentage?
What does the acronym PITH stand for?
What does the acronym PITH stand for?
What is the debt service ratio that measures the amount of shelter payments and other debt payments in comparison to the amount of gross income, expressed as a percentage?
What is the debt service ratio that measures the amount of shelter payments and other debt payments in comparison to the amount of gross income, expressed as a percentage?
Which of the following items are excluded from the Total Debt Service (TDS) calculation?
Which of the following items are excluded from the Total Debt Service (TDS) calculation?
What is the primary purpose of the stress test in mortgage lending?
What is the primary purpose of the stress test in mortgage lending?
What is the total monthly payment on a $24,500 credit card debt for use in the TDS calculation?
What is the total monthly payment on a $24,500 credit card debt for use in the TDS calculation?
What is the debt service ratio that measures the amount of shelter (housing) payments in comparison to the amount of gross income, expressed as a percentage?
What is the debt service ratio that measures the amount of shelter (housing) payments in comparison to the amount of gross income, expressed as a percentage?
Which of the following is NOT a component of the Total Debt Service (TDS) calculation?
Which of the following is NOT a component of the Total Debt Service (TDS) calculation?
Which term refers to clients who are self-employed?
Which term refers to clients who are self-employed?
What type of mortgage market provides financing to borrowers who have been or would be declined by prime lenders?
What type of mortgage market provides financing to borrowers who have been or would be declined by prime lenders?
Which characteristic is NOT typically associated with an individual who may only qualify for a sub-prime mortgage?
Which characteristic is NOT typically associated with an individual who may only qualify for a sub-prime mortgage?
What informs the mortgage agent of the rate charged on a product, based on factors such as LTV and credit score?
What informs the mortgage agent of the rate charged on a product, based on factors such as LTV and credit score?
What type of lenders typically only offer mortgages through the brokerage channel?
What type of lenders typically only offer mortgages through the brokerage channel?
Which area does the mortgage agent NOT need to review and provide explanatory notes for?
Which area does the mortgage agent NOT need to review and provide explanatory notes for?
