…And when you're done with the past,
What was the first year that residential mortgage originations topped $1 trillion?
- 1988
- 1993
- 1998
- 2004
The Emergency Home Finance Act of 1970 that created Freddie Mac also did what?
- Created other secondary market participants, including Fannie Mae and Ginnie Mae
- Expanded the secondary market by requiring banks to issue private-label RMBS
- Authorized both Fannie Mae and Freddie Mac to purchase conventional mortgages
- Severed Freddie Mac's ties from the Federal Home Loan Bank System
What entity provided the funding for the Resolution Trust Corp.?
- RTC Funding Inc.
- The OTS Finance Agency
- The Resolution Funding Corp.
- Reso Mac
Before MISMO was founded in 1999, there was an industry effort to create a common set of electronic transaction standards using which data format?
- Mortgage Transaction Standards
- X12
- FORTRAN
- LION
Which thrift was at the center of the Keating Five corruption scandal?
- Home State Savings Bank
- Lincoln Savings and Loan Association
- Silverado Savings and Loan
- Midwest Federal Savings & Loan
During the week of March 18, 1985, the Freddie Mac Primary Mortgage Market Survey found the 30-year fixed rate mortgage reached its peak at:
- 10.09%
- 16.12%
- 18.63%
- 22.78%
Bank of America was the first company to issue a private-label jumbo mortgage-backed security in which year?
- 1977
- 1983
- 1992
- 1968
Fill in the missing words for this servicing industry adage, "A loan well closed is…
- …half collected."
- …an asset for servicers."
- ...good as gold until rates fall."
- …rare as hen's teeth."
What is the difference between a SMART Doc and a PDF?
- Only SMART Docs can be e-signed; PDFs must be printed first
- SMART Docs are easier to read on a smartphone
- The SMART Doc was designed using MISMO data standards
- PDFs are more secure because they can be attached to emails
The Housing and Community Development Act of 1992 required that what percentage of Fannie Mae and Freddie Mac's loan purchases be related to affordable housing?
- 25%
- 30%
- 40%
- 50%
Which of the following has not been used as an index for adjustable rate mortgages?
- COFI - Cost of Funds Index
- MTA - Monthly Treasury Average
- CODI - Cost of Deposit Index
- COMA - Combined Outstanding Monetary Average
Which of the following was not one of the FHFA's goals laid out in its 2014 strategic plan for the conservatorships of Fannie Mae and Freddie Mac?
- Building a new single-family securitization infrastructure for use by the GSEs other market participants.
- Maintaining foreclosure prevention activities and credit availability for new and refinanced mortgages.
- Increasing the role of private capital in the mortgage market.
- Forming a plan to take the GSEs out of conservatorship and fully privatize them.
What year did the delinquency rate on FHA loans exceed the subprime mortgage delinquency rate for the first time?
- 2012
- 2004
- Never
- 1994
What year did Fannie Mae and Freddie Mac release their respective automated underwriting systems?
- 1976
- 1989
- 1995
- 2004
Who signed the law that deregulated S&Ls?
- Ronald Reagan
- George H.W. Bush
- Jimmy Carter
- Gerald Ford
The Uniform Residential Loan Application is referred by industry insiders by this form number:
- 99X
- 1003
- 4506-T
- HUD-1
Roughly what percentage of outstanding mortgage credit did the private-label market represent when at its peak during the first quarter of 2006?
- 50%
- 12%
- 33%
- 20%
Which company was the first to have $100 million in single-family mortgage servicing volume?
- Countrywide
- Wells Fargo
- Bank of America
- Washington Mutual
When did electronic signatures become legal in the United States?
- 2000
- 1995
- 2001
- Never
Which law, created in the wake of the S&L crisis, overhauled the savings and loan industries in part by creating the Office of Thrift Supervision, the Federal Housing Finance Board, and the Resolution Trust Corporation?
- FIRREA
- Garn–St Germain Depository Institutions Act
- Economic Recovery Tax Act
- Glass-Steagall Act
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