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Questions and Answers
Which of the following is NOT a type of financial institution?
Which of the following is NOT a type of financial institution?
- Credit union
- Savings bank
- Investment bank (correct)
- Mortgage company
What is the primary role of a loan originator?
What is the primary role of a loan originator?
- To provide investment advice
- To accept deposits from customers
- To help borrowers find and secure loans (correct)
- To manage the bank's overall operations
Which of the following statements about independent mortgage companies is TRUE?
Which of the following statements about independent mortgage companies is TRUE?
- They accept deposits from customers
- They are subject to the same regulations as depository institutions
- They are nonprofit cooperative organizations
- They focus solely on originating and selling mortgage loans (correct)
What is a key feature of the FHA-insured loan program?
What is a key feature of the FHA-insured loan program?
What is the primary purpose of savings banks and savings and loan associations?
What is the primary purpose of savings banks and savings and loan associations?
Which of the following statements about the mortgage crisis of the 1980s is TRUE?
Which of the following statements about the mortgage crisis of the 1980s is TRUE?
What is the primary function of credit unions?
What is the primary function of credit unions?
In 2008, what action did the government take in response to the mortgage crisis?
In 2008, what action did the government take in response to the mortgage crisis?
Which of the following is a characteristic of risk-based pricing?
Which of the following is a characteristic of risk-based pricing?
What is the primary role of Fannie Mae and Freddie Mac in the mortgage industry?
What is the primary role of Fannie Mae and Freddie Mac in the mortgage industry?
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