Home > Mortgage Lending > Quizzes > Mortgage Processing Underwriting
Mortgage Processing Underwriting
Fast practice, instant feedback. Timer auto-submits when time’s up.
Avg score: 84% • Most missed: “Purpose is to report on structural defects”
Mortgage Processing Underwriting
Time left 00:00
24 Questions

1. The title company agrees to pay the insured a specific amount for a loss resulting from a claim caused by a defect in the title that had not been excluded in the policy

2. That have not applied the Home Valuation Code of Conduct to those loans

3. Experian FICO - Equifax BEACON - TransUnion EMPIRICA

4. Request a statement of the reasons for the adverse action from the lender and obtain a copy of his credit report from the credit bureau - if the adverse action was based on information in that report

5. The most probable price a property should bring in a competitive and open market - with the buyer and seller each acting prudently and knowledgably

6. The process of deciding whether to make a loan based on credit - employment - assets and other factors

7. The rate of return the new owner can expect to receive - including an annual rate of return desired on the investment - and a rate of return of the investment necessary to recapture the depreciation of the improvements

8. Involves liquidation of assets to cancel debts so a person can start fresh

9. Results from factors outside and surrounding the property - such as zoning - blight - high taxes - and pollution - and is - therefore - almost always incurable

10. Provides that the investor may return the loan to the originating lender if the borrowers default within a specified period of time; there is evidence of loan fraud; the loan does not comply with regulatory requirements.

11. Used by a real estate agent to estimate an appropriate sales price for an owner wanting to list his property for sale - is not acceptable as an appraisal for underwriting purposes

12. The spread between the interest rate in the loan and the par interest rate paid by the purchaser of a sold loan

13. Equal to the cost to replace or reproduce the improvements less depreciation

14. The present cost of constructing a new substitute structure that is an exact replica of the existing structure

15. Bases the value of a property on the prices paid for similar - or comparable - properties in the area that have recently sold

16. Involves implementing a payment plan over three to five years to pay off the debts

17. Last two years the most important

18. The present cost of constructing a new substitute structure equal to the existing structure in quality and utility - but using current construction methods - materials - design and layout

19. Net adjustments should not exceed 15% of the sales price - gross adjustments should not exceed 25% of the sales price

20. Results from loss of functionality due to basic construction techniques used - as well as inadequacy - outdatedness - or overadequacy in a building

21. Purpose is to report on structural defects

22. A summary of the information on the application for the underwriter

23. Used to appraise properties that produce rental income

24. Commitment to issue a title insurance policy - provided certain conditions are cleared prior to closing

⚡ Recently practiced quizzes in this topic
Live quiz activity
Mortgage Lending Industry
 
❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

🌈  Our mission is to help improve your scores in any subject and exam withonline quizzes, practice tests, study guides, & advice for students. Since 2018.
About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know?
Privacy | Terms |
Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.