Mortgage School Credit Review
Across
- 2. These fees are often determined by the county and can be collected quarterly or even bi-annually.
- 4. An _________ adjustment is simply right-sizing the amount of money we are collecting upfront for the escrow account.
- 5. This is where (within Octane) the lender will charge fees to cover the cost of 3rd party Appraisals, Lender Required Inspections, Mortgage Insurance, and Required Services. (two parts/words)
- 6. Another word for the loans Cardinal provides for a home purchase or refinance
- 8. In section B you will find other fees for inspections required by the lender such as radon, septic or this type of inspection. Hint- this may be required if you live near a river.
- 11. A lender can either cover the cost for pulling _____ reports or charge the borrower. This report is required for all borrowers and shows a history of the borrowers paying their bills on time.
- 14. These upfront costs include Hazard insurance, taxes, interest, and the early first payment.
- 15. This program we use at Cardinal tells you if certain inspections or charges are required automatically once all the information for the loan is entered.
- 16. This is also known as Hazard Insurance (acronym).
Down
- 1. this is the biggest expense of obtaining a mortgage and is broken down into sections (two words).
- 3. This place in Octane houses taxes and other government fees on the Charges and Credits screen (two parts/words).
- 7. Lenders will add this additional coverage based on the loan program, property type, and where the property is located
- 9. Anyone with a vested interest in the transaction other than the borrower or Lender, like the seller, realtor, or builder (acronym)
- 10. These fees, also known as service fees are located in section C.
- 12. If the borrower uses a lender's preferred title company or attorney, the service charges would be considered an ____ fee. (acronym)
- 13. A mortgage is a public record which means the mortgage note or deed of trust will need to be recorded with the county. This is called a _____ fee.