Tuesday, April 30, 2013

Chapter 10 by Albert Chang

Chapter 10 Lending Activity

1.) Unsecured debt is the promise to bay backed by collateral? (T/F)

2.) Acceleration clause is a speedy prepayment plan? (T/F)

3.) A mortgage documentation is the collateral that secure the promissory note? (T/F)

4.) When you take a loan from the bank to purchase a car in California, do it fall under title theory? (T/F)

5.) A fee that the mortgagor agrees to pay plus the outstanding mortgage is prepayment penalty? (T/F)

6.) What is origination point?
a) Start from the beginning
b) A fee paid by the mortgagor at origination that was loan -
c) A fee paid by the mortgagee at origination that was loan
d) None of the Above

7.) What is the term or meaning for ARM?
a) A body part
b) Adjustable rate mortgage
c) Added rate mortgage
d) All the above

8.) A process of evaluating the risk associated with taking a mortgage loan?
a) Mortgage underwriting
b) Overall Cap
c) Mortgage Cap
d) None of the above

Answers: 1.) F 2.)F 3.)T 4.)T 5.)T 6.)B 7.)B 8.)A

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