SAFE Mortgage Loan Originator National Exam Study guide Chap 7
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Fannie Mae's automated underwriting system is known as
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Loan Prospector
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Freddie Mac's automated underwriting system is known as
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Desktop Underwriter
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Who makes the final decision as to whether a loan will be funder
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The lender
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The automated underwriting system can NOT be used for what types of loans?
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Jumbo
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Who does Fannie Mae hold responsible for the quality of the appraisal
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Lender
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An appraisal must be re-certified if it is older than
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4 months
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The most probable price which a property should bring in an open market is:
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Market Value
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The highest and best use of the property is NOT
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Based on possible future zoning changes
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The appraisal approach that best applies to the residential property is
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Sales comparison approach
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The appraisal that best applies to vacant land is
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Sales comparison approach
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the appraisal approach that best applies to a school is
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Cost apprach
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What is the minimum number of closed sales comparable that can be used in the sales comparison approach
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3
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What is the most important type of comparable used in the Sales Comparison approach
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Closed
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An office building has an annual net operating income of and a capitalization rate of 9%. What is the value
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$555,555
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The method used to value income producing properties based on the rental incomes and sales price of similar properties is called the:
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GRM (Gross Rent Multiplier)
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In a completion escrow account, what is the minimum estimated repair cost held in the trust by the lender??
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120%
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A legally binding letter from the lender to the mortgagor stating the terms of the loan is
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A commitment letter
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Who handles complaints regarding mortgage loan rejections
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CFPB Consumer Financial Protection Buearea
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All of the following apply to a mortgagor's title insurance policy EXCEPT
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It is based on loan amount
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Surveys are NOT certified to
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Real estate broker
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What gives someone other than the owner the right to be on the property for a specific pupose?
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Easement
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What is a clause in the deed that limits the future use of a property
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Deed restriction
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The most common type of legal description for residential subdivisions is
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Lot and Block
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The most accurate type of legal descripition for residential subdivisions is
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Metes Bounds
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A fee charged to the borrower for determining whether or not a property was in a flood zone is a
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Floor Certification Fee
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Which form is used as the standard settlement form
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HUD-1/Closing Disclosure
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The day of closing closing is May 15, when is the first payment due
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July 1
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Which of the following is an acceptable source of funds at closing
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Wire Transfer
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What type of funding occurs when a lender obtains funds from a lone of credit at a commercial bank
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Warehouse funding
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The late fee for FHA and VA loans is
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4%
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When a lender sells a mortgage loan to another lender this is called
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Assignment of Mortgage
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When an assignor keeps the servicing rights this is known as
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Selling a loan with servicing retained
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Ginnie Mae does
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Gaurantee loans
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Fannie Mae was established in
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1938
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Fannie Mae will not purchase a mortgage secured by a
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Orchard
