A) automatically takes a loan application
B) can only transmit loan information for automatic analysis by a human underwriter
C) can analyze any loan without special software
D) allows a computer with proper software to analyze a loan application and grant approval if justified
F) None of the above
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D
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A) a loan application can be analyzed by computer and approved if justified
B) information on a loan application can be stored for future use
C) loan information can be transmitted via computer to an underwriter for analysis
D) the computer lists all information required for loan analysis
F) A) and C)
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C
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A) a higher profit margin if carefully made
B) a market that has been shunned before high tech analysis allowed better selection for carefully documented loans
C) greater depth of loan analysis has eliminated all risks
D) an expansion of the loan market beyond higher quality "A" rated borrowers
F) B) and D)
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A) Rejected
B) Accepted
C) Refer
D) Caution
F) B) and C)
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A) by an agent taking information on a laptop computer for transmittal to a seller/servicer who verifies and transmits the information to Fannie Mae
B) to transmit information directly to Fannie Mae's Desktop Underwriter system
C) prohibited to a real estate broker
D) by any individual
F) None of the above
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A) no appraisal is necessary
B) must only assure that property exists
C) a short appraisal at lender's option which may be completed within two hours
D) it can only be used if property is in a recognized subdivision
F) B) and D)
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A) They are always higher cost mortgage loans
B) There is no opportunity for sham operators to take advantage of consumers
C) A user must travel to find an Internet outlet
D) A seeker of a loan can maintain limited anonymity while asking for information
F) A) and B)
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D
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A) Microsoft Excel
B) TurboTax
C) Third party originator web portals
D) Mortgagebot
F) B) and C)
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A) a required used of any affiliated company
B) disclosed to any consumer
C) prohibited to use an affiliated company
D) at least a 25 percent discount given by an affiliated company
F) B) and C)
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A) an individual can obtain a mortgage loan without paying for or dealing with an agent or loan officer
B) the availability of loans is very limited
C) the cost is generally higher than with regular channels
D) it is a time consuming procedure as careful analysis is needed.
F) B) and C)
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A) It is a new method of credit analysis
B) It is a number compiled from credit records that show a person's creditworthiness
C) It has no variation and can be the sole criteria for creditworthiness
D) It is used only for analysis of car loans
F) C) and D)
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