RMLO FOR REAL ESTATE AGENTS- RESIDENTIAL
MORTGAGE LOAN ORIGINATION QUESTIONS AND
ANSWERS A+ GRADED. Buy Quality Materials!
What is the secondary market?
It is the market for purchasing and selling existing mortgages designe to provide greater
liquidity and selling mortgages.
What does (FNMA) stand for?
The Federal National Mortgage Association
What is the purpose of the (FNMA)?
It plays a vital role in financing mortgages and increasing homeownership opportunities
in the U.S.
What is a another term used for the (FNMA)?
Fannie Mae
When was Fannie Mae created?
1938
Fannie Mae began as a what?
An agency of the federal government to bring stability to the U.S housing market.
What does (AARMR) stand for?
American Association of Residential Mortgage Regulators
What is the purpose of (AARMR)?
They are charged with the responsibility of administration and regulation o residential;
mortgage lending, servicing and brokering.
What does the term "non-traditional product" mean?
Any mortgage other than a 30-year fixed-rate mortgage.
What does the (SAFE Act) stand for?
Secure and Fair Enforcement for Mortgage Licensing Act of 2008
What is did the (SAFE Act) do?
Established the minimum standards for the licensing and registration of mortgage loan
originators.
All state-licensed mortgage loan originators midst satisfy annual continuing
education requirements, which must include at least 8 hours of education
approved by who?
NMLSR
The unique identifier of any person's original residential mortgage on Shelby
clearly shown on what?
All residential mortgage loan application forms, solicitations or advertisements, including
business cards or websites, text messages etc.
The unique indentifier need not be shown on what?
Interoffice communications
The (URLA) is also known as what?
The 1003
MORTGAGE LOAN ORIGINATION QUESTIONS AND
ANSWERS A+ GRADED. Buy Quality Materials!
What is the secondary market?
It is the market for purchasing and selling existing mortgages designe to provide greater
liquidity and selling mortgages.
What does (FNMA) stand for?
The Federal National Mortgage Association
What is the purpose of the (FNMA)?
It plays a vital role in financing mortgages and increasing homeownership opportunities
in the U.S.
What is a another term used for the (FNMA)?
Fannie Mae
When was Fannie Mae created?
1938
Fannie Mae began as a what?
An agency of the federal government to bring stability to the U.S housing market.
What does (AARMR) stand for?
American Association of Residential Mortgage Regulators
What is the purpose of (AARMR)?
They are charged with the responsibility of administration and regulation o residential;
mortgage lending, servicing and brokering.
What does the term "non-traditional product" mean?
Any mortgage other than a 30-year fixed-rate mortgage.
What does the (SAFE Act) stand for?
Secure and Fair Enforcement for Mortgage Licensing Act of 2008
What is did the (SAFE Act) do?
Established the minimum standards for the licensing and registration of mortgage loan
originators.
All state-licensed mortgage loan originators midst satisfy annual continuing
education requirements, which must include at least 8 hours of education
approved by who?
NMLSR
The unique identifier of any person's original residential mortgage on Shelby
clearly shown on what?
All residential mortgage loan application forms, solicitations or advertisements, including
business cards or websites, text messages etc.
The unique indentifier need not be shown on what?
Interoffice communications
The (URLA) is also known as what?
The 1003
