Mortgage School Credit Review

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).

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.