Choose the Most Appropriate Answer for Each

question 22

Multiple Choice

Choose the most appropriate answer for each.
-the expenses a lender incurs in processing a mortgage loan

• A)Amortized loan
• B)Amortization tables
• C)Balloon loan
• D)Budget mortgage
• E)Conventional loan
• F)Discount point
• G)Equity
• H)FHA
• I)Impound account
• J)Loan balance table
• K)Loan origination fee
• L)Loan-to-value ratio
• M)Maturity
• N)Partially amortized loan
• O)PITI payment
• P)PMI
• Q)Point
• R)Principal
• S)Term loan
• T)UFMIP

Understand the principles and calculations involved in determining credit limits and debt-to-income ratios.

Recognize federal laws and consumer rights related to credit reporting and fair credit practices.

Understand the role and function of credit bureaus in managing credit information.

Describe the characteristics and examples of various credit arrangements, including installment credit and revolving credit.

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Definitions:

Hands-On Training

A training approach where learners actively participate in real-world tasks and operations as part of their instruction.

Crew Resource Management

A set of training procedures in aviation designed to enhance safety and communication, teamwork, and decision-making among flight personnel.

Team Training

A coordinated effort to boost the abilities and performance of a group in collaborative tasks, emphasizing communication, coordination, and cooperation.

Task-Work Skills

The abilities and competencies required to effectively perform specific tasks in a work setting.