Name That Loan
Which of the following is a government-insured mortgage option that may help customers who need more flexible qualification standards?
A. Jumbo Loan
B. FHA Loan
C. Conventional Loan
D. Non-QM Loan
B. FHA Loan
A customer asks, “What interest rate can I get on a mortgage today?” What should you do?
A. Quote the current rate you saw online
B. Estimate the rate based on their credit score
C. Refer the customer to a mortgage loan officer
D. Tell them all mortgage rates are the same
C. Refer the customer to a mortgage loan officer
“We don’t have a big down payment.”
FHA or Low Down Payment Options
Which loan type often allows 0% down payment and is designed for eligible military borrowers?
VA Loan
Which mortgage product is specifically designed for eligible veterans, active-duty service members, and certain spouses?
A. USDA Loan
B. VA Loan
C. Jumbo Loan
D. Home Equity Loan
B. VA Loan
Which statement is appropriate for an employee to say to a customer?
A. “Based on what you told me, you will qualify for an FHA loan.”
B. “Your credit score should be high enough for a conventional loan.”
C. “We have mortgage options that may fit different needs. Let me connect you with a mortgage loan officer.”
D. “You should choose a VA loan because it has no down payment.”
C. “We have mortgage options that may fit different needs. Let me connect you with a mortgage loan officer.”
“I’m a veteran.”
VA Loan
Which loan type is restricted to eligible rural areas and includes income limits?
USDA Loan
Which mortgage product is designed for properties that exceed standard conforming loan limits?
A. USDA Loan
B. FHA Loan
C. Jumbo Loan
D. Home Equity Loan
C. Jumbo Loan
Which of the following are employees expected to do?
A. Quote rates, explain underwriting, and recommend loan terms
B. Listen for mortgage-related needs and refer the customer to a mortgage expert
C. Tell customers which loan product they should choose
D. Determine qualification before referral
B. Listen for mortgage-related needs and refer the customer to a mortgage expert
“We’re moving to a rural area.”
USDA Loan
What happens to most mortgage loans after they are originated, processed, and closed?
They are sold on the secondary market
Which of the following is NOT one of the key mortgage products emphasized in this training?
A. Conventional Loan
B. FHA Loan
C. VA Loan
D. Auto Loan
D. Auto Loan
Which of the following tasks should only be completed by a mortgage loan officer?
A. Listening for signs a customer wants to buy a home
B. Referring a customer to mortgage
C. Determining whether a customer qualifies for a loan product
D. Recognizing mortgage options exist
C. Determining whether a customer qualifies for a loan product
“We’ve built equity and want to remodel.”
Refinance or Home Equity
What is the typical down payment percentage for FHA loans?
3.5%