Test T1
Education
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5 questions
Question 1
Multiple Response
10 points
Fees can be disclosed on what document formats?
A.
Closing Disclosure
B.
HUD
C.
Closing Statement
D.
Promissory Note
Question 2
Short Answer
10 points
P.I.T.I stands for what?
Question 3
Short Answer
10 points
If the interest rate can change what type of loan is it called?
Question 4
Multiple Response
10 points
What is the purpose of a Deed of Trust?
A.
Outlines terms of repayment of the loan
B.
Create a security interest in real property
C.
Release of the property from the loan
D.
Question 5
Multiple Response
10 points
What happens in the Underwriting process of the loan?
A.
Risk analysis for loan approval
B.
Gathering of financial and employment documentation
C.
Pulling credit to help determine how much borrower can qualify for
D.
Preparing estimated figures for closing