1.

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.