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Mortgage Lending Terms Quiz

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Questions and Answers

What does the acronym 'DTI' stand for in mortgage lending?

Debt to Income (correct)

Document to Income

Duration to Insure

Deposit to Income

What is the significance of a rebate in mortgage lending?

It increases the total loan cost

It is a reward for early repayment

It signifies a penalty

It can be used to cover closing costs (correct)

What does a 'No-Cost Loan' typically involve in mortgage transactions?

Higher interest rates to cover loan costs (correct)

No repayment required

No interest payments

No documentation

In mortgage terminology, what does 'LP' stand for?

Loan Prospector Signup and view all the answers

Which term refers to the calculation of the sum of all debts divided by gross monthly income in mortgage lending?

Debt to Income Ratio Signup and view all the answers

What is the main feature of a 'No-Cost Loan' in mortgage financing?

No up-front fees required Signup and view all the answers

Which term relates to the proportion of the loan amount to the total appraised value of a property in mortgage terms?

'Combined Loan-to-Value' Signup and view all the answers

What is typically found at the top or bottom of a lender's rate sheet?

Lender information Signup and view all the answers

Why is the date issued on a rate sheet important?

Rates change daily and need to be current Signup and view all the answers

What is a 'lock-in Rate Sheet' used for?

To formally lock-in a customer's interest rate Signup and view all the answers

Where are loan programs generally shown on a rate sheet?

In separate sections Signup and view all the answers

What can price adjustments affect on a rate sheet?

The interest rate or its rebate Signup and view all the answers

'Min.FICO =>720' indicates what on a rate sheet?

Minimum credit score requirement Signup and view all the answers

What does an origination fee represent?

A percentage of the total loan amount charged by the lender Signup and view all the answers

How are points expressed when they are less than a full point?

In eighths Signup and view all the answers

What is a No-Cost Loan?

A loan where costs are covered by a higher interest rate Signup and view all the answers

What does "PTD" stand for?

Prior to Docs Signup and view all the answers

What does "ARM" stand for in mortgage terms?

Adjustable Rate Mortgage Signup and view all the answers

What is the purpose of a rate lock?

To guarantee a specific interest rate for a set period Signup and view all the answers

What does "CLTV" stand for?

Cumulative Loan-to-Value Ratio Signup and view all the answers