quiz Archives - NFM Lending

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Have you ever wondered how paint colors get their names? When there might be more than 50 variations of a color, marketers need to get creative!

See if you can match the paint color to the name!

Paint Color Quiz 15

Georgia Clay

Grandpa’s Red Chevy

Burnt Peanut Red

Colonial Brick

Apple Cider

Burnt Ginger

Decaying Leaves

Pumpkin Drizzle

1970's Sofa

Cut the Mustard

Corduroy

Yellow Ochre

Cooked Egg Yolk

California Sunshine

Nacho Cheese

Chamomile

Barely Yellow

Slightly Yellow

Mellow Yellow

Newborn Duck

Galapagos Green

New Leaf

Green Chile

Elf Shoe

Electric Green

Gecko Green

Tropical Seaweed

Shamrock

Pea Soup

Lazy Catepillar

Guacamole

Green Machine

Jade Dragon

Dried Grass

Green Eggs and Ham

Olive Green

Aquarium Blue

Nifty Turquoise

Gulf Stream

Teal We Meet Again

Tropical Breeze

Cool Jazz

Blue Lagoon

Reflective Blue

Deja Blue

Calm Sea

Baby Blues

Winter Lake

Stormy Blue

Blue Steel

Am I Blue?

Teen Angst

Vibrant Orchid

Sassy Lilac

Positively Purple

Bermuda Onion

Fresh Floral

Low-Key Lavender

Purple Easter Egg

Perpetual Purple

Deepest Mauve

Raisin in the Sun

Smoked Eggplant

London Fog

Newborn Baby

Precious Pink

Buttons and Bows

Conch Shell

Cafe Au Lait

Hourglass Sand

White Bean Hummus

Beige Rage

Simply Taupe

Khaki Pants

Sophisticated Beige

Dead Salmon

Iron Filings

Black Bean Soup

Charcoal Briquette

New Blackboard

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Time's up

How Well Do You Know Government Loan Programs?
Think you know the government loan programs? See how many of the questions below you can answer!

Which loan considers area requirements, such as the population and development?

FHA

VA

USDA

Which loan is most popular with low-income and first-time home buyers, due to the less stringent requirements?

FHA

VA

USDA

True or False: USDA loans don’t require a minimum down payment.

True

False

Which program was introduced by the Servicemen’s Readjustment Act?

FHA

VA

USDA

Which loan can borrowers receive up to 100% financing?

USDA

VA

FHA

Which loan requires the borrower to pay Mortgage Insurance Premium (MIP) or Guaranty Fee in addition to monthly mortgage payments?

FHA

VA

USDA

True or False: The surviving unmarried spouse of a deceased Veteran is not eligible for a VA loan.

True

False

Which loan allows for down payment assistance provided as a gift by a family member, employer, or charitable organization?

FHA

VA

USDA

What might a VA loan require the borrower to pay to reduce the cost of the loan to taxpayers?

Private Mortgage Insurance

Funding Fee

Neither

True or False: Home buyers who do not qualify for a conventional mortgage may be able to purchase a home with a USDA loan.

True

False

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Time's up

See how many mortgage terms and definitions you can match!

Definition of APR:

The cost of a mortgage stated as a yearly percentage rate.

A rebate by a lender or investor to a local Loan Originator for closing a loan on a certain product

A loan with an interest rate that is periodically adjusted based on a pre-determined index

The fees charged for services performed, including the home appraisal, loan origination, flood certificate, the title survey, etc.:

Settlement Costs

Origination Fees

Closing Costs

This is paid by the buyer to the seller to bind a transaction or assure payment:

Prepayment Penalties

Earnest Money

Private Mortgage Insurance (PMI)

Definition of Escrow:

The holding of funds or documents by a third party prior to closing; the funds are usually for payment of taxes and insurance on property

The part of a property’s purchase price paid by the borrower

When a lender or builder subsidizes a loan by lowering the interest rate during the initial years of a loan

Definition of Home Equity:

A rebate by a lender or investor to a local Loan Officer for closing a loan on a certain product

When the value of your home increases and/or you reduce the amount you owe through your loan payments

Expenses such as interest and escrow reserves

A federal law that allows consumers to review information on known or estimated settlement costs once after application and once prior to or at a settlement:

TILA

HMDA

RESPA

Definition of Origination Fees:

Fees charged by the lender to the borrower to prepare loan documents, conduct credit checks, inspect and sometimes appraise property

A borrower’s monthly mortgage payment

Fees assessed by the lender, usually to permanently buy a below-market rate

Definition of Private Mortgage Insurance (PMI):

A written agreement guaranteeing a borrower a specific interest rate as long as the loan closes and funds before a certain date

The fees charged for services performed, including the home appraisal, loan origination, flood certificate, the title survey, etc.

This protects lenders against loss if a borrower defaults and is typically required for borrowers making a down payment less than 20 percent

The process during which the decision is made whether to approve a loans rates and terms based on the borrowers’ credit, employment, assets, and other factors:

Closing

Pre-Qualifying

Underwriting

Definition of Appraisal:

A written agreement guaranteeing a borrower a specific interest rate as long as the loan closes and funds before a certain date

A written analysis of a property’s estimated value

When a lender or builder subsidizes a loan by lowering the interest rate during the initial years of a loan

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Time's up

Think you know mortgages? See how many of the questions below you can answer!

Which type of loan exceeds conforming loan limits set by Fannie Mae and Freddie Mac?

HARP

VA

Jumbo

Which term refers to the cost of a mortgage given as a yearly percentage rate?

APR

Interest Rate

Principal

An Adjustable Rate Mortgage (ARM) is better for you if you plan to live in your house for 10 years or longer.

True

False

Which term refers to the holding of funds or documents by a third party prior to closing?

Earnest Money

Amortization

Escrow

What does PITI stand for?

Payment, Income, Taxes, Index

Principal, Interest, Taxes, Insurance

Percentage, Installment, Term, Insurance

What is the first thing you should do if you are looking to buy a home?

Get prequalified by a lender

Hire a Realtor

Start looking at homes online

Refinancing can lower your interest rate

True

False

Which type of loan is not insured or guaranteed by the federal government?

FHA

Conventional

Jumbo

What is the process by which a licensed professional estimates a home’s fair market value?

Home inspection

Appraisal

Walk-through

All mortgage loans require a 20% down payment.

True

False

Time's up

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© 2022 NFM, Inc. dba NFM Lending. ® Trade/service marks are the property of NFM, Inc. and/or its subsidiaries. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act.

Equal housing lender. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Refinancing an existing loan may result in the total finance charges being higher over the life of the loan. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. Qualifying credit score needed for conventional loans. LTV’s can be as high as 96.5% for FHA loans. FHA minimum FICO score required. Fixed rate loans only. W2 transcript option not permitted. Veterans Affairs loans require a funding fee, which is based on various loan characteristics. For USDA loans, 100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included. Loan is limited to the appraised value without the pool, if applicable. The pre-approval may be issued before or after a home is found. A pre-approval is an initial verification that the buyer has the income and assets to afford a home up to a certain amount. This means we have pulled credit, collected documents, verified assets, submitted the file to processing and underwriting, ordered verification of rent and employment, completed an analysis of credit, debt ratio and assets, and issued the pre-approval. The pre-approval is contingent upon no changes to financials and property approval/appraisal. For Arizona originators: AZ# BK-0934973. In Alaska, business will only be conducted under NFM Lending and not any of our affiliate sites.

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All FHA Case Transfer Requests must be sent in writing via email to: FHAINFO@nfmlending.com. The request must include the FHA Case number, the new lender’s Origination ID or Sponsor ID, the full subject property address, and a letter signed and dated by the borrower expressing desire for the transfer.
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If your loan is being serviced by the NFM Lake Zurich Servicing Center, please call 1-866-352-6802 to request a payoff. You can also request a payoff via the online borrower portal, if you are a registered user on the portal.
If your loan is being serviced by the NFM Lending Linthicum Maryland Office, you may submit the request to Servicing@nfmlending.com or call 1-866-765-1827.
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