What type of mortgage loan has a provision that says if rates fall to 4.5%, you automatically get that rate?

I overheard real estate agents discuss this when I was touring model homes the other day. They were discussing it and one of them said the info was derived from one of their “trade” magazines. If this is true, what lenders offer this loan product?
I heard him said, this was a fixed-rate mortgage product, not an ARM!

More help please. I am having difficulty finding these.

1)No mortgage broker has a unique loan that no one else in the city can get.
True or False

2)If you were referred to a loan officer by a friend
A)You should not let that loan officer know that you were referred to him, because then he will think you will really trust him and won’t question him. As a result, the officer will think he can get away with giving you a very expensive loan. And typically, the more expensive the loan, the more commission the loan officer (salesperson) makes.
B)You should keep in mind that articles in magazines for loan officers (who are just salespeople), as well as speakers and trainers, tell them to concentrate on getting referrals because a referred client is easier to get a big commission out of.
C)There’s no problem with telling him. All salespeople are nice and won’t try to rip you off for tens, or hundreds of thousands of dollars over the life of your mortgage loan to get a higher commission.
D)Both a and b above.

3)Credit life insurance is a grossly overpriced mortgage add on that should never be taken.
True or False

4)Stated Income Loans
a) are known as “liar loans”
b) should never be taken by someone who can qualify for a standard mortgage.
c) Neither a nor b.
d) Both a and b.

5) Which of the following is true?
a) The best way to shop for a mortgage loan is to look at all of the terms of the loan and to get it in writing on a good faith estimate. You should try to get all of your good faith estimates on the same day.
b) Federal law requires lenders to provide you by fax, mail with postage date, email, or in person a good faith estimate as well as a truth in lending form within three business days of making a formal loan application.
c) Neither a nor b.
d) Both a and b.

Thank you very much

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