Junior Underwriter Interview Questions and Answers

I am familiar with accounting rules, financial concepts, and balance sheets. Goodwill is an intangible asset.

• Accounting rules are a set of guidelines that govern how financial transactions are recorded and reported.

• Financial refers to anything related to money or the management of money.

• A balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• Goodwill is an intangible asset that represents the value of a compa...read more

A mortgage is a loan used to purchase a property, where the property itself serves as collateral for the loan.

• A mortgage is a financial agreement between a borrower and a lender.

• It is used to finance the purchase of a property, such as a house or a commercial building.

• The borrower agrees to repay the loan over a specified period of time, typically with interest.

• The property being purchased serves as collateral, which means the lender can seize the property if the borrower fai...read more

There are two main types of mortgages: fixed-rate and adjustable-rate.

• Fixed-rate mortgages have a set interest rate for the life of the loan.

• Adjustable-rate mortgages have an interest rate that can change over time.

• Other types of mortgages include FHA loans, VA loans, and jumbo loans.

• FHA loans are backed by the Federal Housing Administration and require a lower down payment.

• VA loans are for veterans and active-duty military members and offer low or no down payment options.

• Jum...read more

Types of mortgages include fixed-rate, adjustable-rate, FHA, VA, and jumbo loans.

• Fixed-rate mortgages have a set interest rate for the entire term of the loan.

• Adjustable-rate mortgages have an interest rate that can change periodically.

• FHA loans are insured by the Federal Housing Administration and often require lower down payments.

• VA loans are guaranteed by the Department of Veterans Affairs and are available to eligible veterans and active duty service members.

• Jumbo loans e...read more