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4. Mortgage Industry Basics MC Quiz

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Questions and Answers

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?

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?

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?

Fixed interest rates over 30 years Signup and view all the answers

What is the primary purpose of savings banks and savings and loan associations?

To emphasize savings accounts for small depositors Signup and view all the answers

Which of the following statements about the mortgage crisis of the 1980s is TRUE?

It caused the insolvency of hundreds of federally insured savings and loans Signup and view all the answers

What is the primary function of credit unions?

To provide financial services to members of a particular group Signup and view all the answers

In 2008, what action did the government take in response to the mortgage crisis?

It took over control of Fannie Mae and Freddie Mac Signup and view all the answers

Which of the following is a characteristic of risk-based pricing?

Offering higher interest rates to borrowers with lower credit scores Signup and view all the answers

What is the primary role of Fannie Mae and Freddie Mac in the mortgage industry?

To purchase and securitize mortgage loans Signup and view all the answers