operate similarly to savings and loan associations and are located primarily in the northeastern section of the United States. a. Commercial banks b. Credit unions c. Mutual savings banks ace anies 2 Since the cost of borrowing is tied directly to the index rate, it is important to find out which of the following? O a. The index and margin each lender uses O b. How often the index changes c. How high it has risen in the past d. All of the choices 3 Which statement is incorrect regarding the Uniform Residential Loan Application? O a. It is used for residential home loans O b. The approval requirements are consistent and conforming so lenders can sell their mortgage loans to the secondary mortgage market. O c. It is approved for FHA and VA loans. O d. It is used for all loans 4 If a borrower defaults on a VA loan, what type of rights does the VA have to bring the loan current? O b. Substantiation O d. Standardization O a. Good title is the means by which the ownership of land is satisfactorily demonstrated within a given jurisdiction. Ob. Marketable title c. indefeasible title d. Evidence of title 6 With a security instrument, the lender retains an interest in the property, but the borrower retains: Od. collateral 7 Subtracting deductions from gross income will equal: O a. PITI O b. debt-to-income ratio. O c. adjusted net income O d. adiusted gross income 8 The CFPB published model Loan Estimate Forms for different types of closed-end mortgage products, including all of the following, except: O a. fixed rate loans. O b. interest only adjustable-rate loans. O c. reverse mortgages. d, loan refinances includes proper management of an individual's income and expenses so enough money is left over for savings O a. Public finance O b. Corporate finance c, personal finance d, Real estate finance