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1.Which of the following is/are electronic underwriting software programs?
a. Desktop Underwriter
b. Loan Prospector
c. both a and b
d. neither a nor b
2.Using borrowed funds for the down payment is usually:
a. May be permitted if borrowed from an asset
b. allowed and encouraged in some situations.
c. allowed provided the lender is not an institutional lender.
d. limited to 50% of the down payment.
3. Which of the following are generally services that a borrower CAN shop for?
a. escrow
b. credit reports
c. government funding fees
d.appraisals
4. A real estate loan, whereby the lender receives equitable rights in the property and the borrower retains possession, would best be described as:
a. leverage.
b. hypothecation.
c. collateral security.
d. lien rights.
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