Champions School of Real Estate Finance
Exam/73 Questions with Verified solutions
Seller's market - -When supply is low and demand is high
-Buyer's market - -When supply is high and demand is low
-The process of creating a new mortgage loan - -Origination
-The detailed process of evaluating a borrower's loan application to
determine the risk involved for the lender - -Underwriting
-When there is an excess of money supply in the market - -Monetary
inflation
-Which agency insures deposits in bank and thrift institution for up to
$250,000? - -Federal Deposit Insurance Corporation
-prohibit housing discrimination based on sex, race, color, religion, national
origin, disabilities, or familial status - -Federal Fair Housing
-All residential mortgage loan originators must now be registered with... - -
Nationwide Mortgage Licensing System and Registry (NMLSR)
-The practice of refusing to provide financing in a particular area because of
the location - -Redlining
-What was the Community Reinvestment Act (CRA)? - -Law against bank to
ensure that banks would serve the needs of the community
-The Texas Veteran's Loan Program - -Buyes loans from lender
-To participate in the program, the Veteran obtains a FHA, VA, or
conventional loan from participating lenders - -Texas Veteran's Loan
Program
-Texas Veterans Land Loan - -Charges less in fees
-What is TDHCA? - -(Texas Department of Housing and Community Affairs)
Responsible for affordable housing.
-The Housing Assistance Program... - -Is a loan that is eligible for Veterans,
military member and their spouses
, -The creditor must ensure that the consumer receives the Closing Disclosure
form at lease ________ days before the consumer closes the loan - -3
Business days
-Freddie MAC is a federally chartered corporation for the purpose of... - -
Purchasing mortgages in the secondary market.
-Created in the 1970 to purchase mortgages in the secondary market - -
Freddie MAC
-The market where borrowers and mortgage lender come together to create
and negotiate terms of a mortgage transaction is called... - -The Primary
Market
-Addresses imbalance of mortgage credit among regions of the unite state
by making funds available. (focus attention to help pump more money into
the economy) - -Fannie Mae
-It standardized mortgage loans - -Fannie Mae
-Allows lenders to originate mortgage for sale rather than for portfolio
investment. (lower rates better fees) - -Fannie Mae
-Primary Market lender include... - -Saving and loans, commercial banks,
mutual saving banks, mortgage company's, credit union, individual, or any
person or business that provide cash for someone seeking a mortgage
-While the majority of loans are sold in the secondary market, many of them
are retained. What is this called? - -Portfolio loans
-Most mortgage brokers specialize as the "_____" between the borrower and
the lender - -Middleman
-One advantage of municipal bonds is that... - -Interest paid to investor is
not subject to federal income tax, making them appealing to investor who
needs to shelter some income from taxation
-A claim, lien, charge, or liability attached to and binding real property - -
Encumbrance
-A right given by law to certain creditors to have debts paid out of the
properly of a defaulting debtor, usually through a court sale - -Lien
-A borrower is known as a - -Mortgagor
-A lender is known as a - -Mortgagee
Exam/73 Questions with Verified solutions
Seller's market - -When supply is low and demand is high
-Buyer's market - -When supply is high and demand is low
-The process of creating a new mortgage loan - -Origination
-The detailed process of evaluating a borrower's loan application to
determine the risk involved for the lender - -Underwriting
-When there is an excess of money supply in the market - -Monetary
inflation
-Which agency insures deposits in bank and thrift institution for up to
$250,000? - -Federal Deposit Insurance Corporation
-prohibit housing discrimination based on sex, race, color, religion, national
origin, disabilities, or familial status - -Federal Fair Housing
-All residential mortgage loan originators must now be registered with... - -
Nationwide Mortgage Licensing System and Registry (NMLSR)
-The practice of refusing to provide financing in a particular area because of
the location - -Redlining
-What was the Community Reinvestment Act (CRA)? - -Law against bank to
ensure that banks would serve the needs of the community
-The Texas Veteran's Loan Program - -Buyes loans from lender
-To participate in the program, the Veteran obtains a FHA, VA, or
conventional loan from participating lenders - -Texas Veteran's Loan
Program
-Texas Veterans Land Loan - -Charges less in fees
-What is TDHCA? - -(Texas Department of Housing and Community Affairs)
Responsible for affordable housing.
-The Housing Assistance Program... - -Is a loan that is eligible for Veterans,
military member and their spouses
, -The creditor must ensure that the consumer receives the Closing Disclosure
form at lease ________ days before the consumer closes the loan - -3
Business days
-Freddie MAC is a federally chartered corporation for the purpose of... - -
Purchasing mortgages in the secondary market.
-Created in the 1970 to purchase mortgages in the secondary market - -
Freddie MAC
-The market where borrowers and mortgage lender come together to create
and negotiate terms of a mortgage transaction is called... - -The Primary
Market
-Addresses imbalance of mortgage credit among regions of the unite state
by making funds available. (focus attention to help pump more money into
the economy) - -Fannie Mae
-It standardized mortgage loans - -Fannie Mae
-Allows lenders to originate mortgage for sale rather than for portfolio
investment. (lower rates better fees) - -Fannie Mae
-Primary Market lender include... - -Saving and loans, commercial banks,
mutual saving banks, mortgage company's, credit union, individual, or any
person or business that provide cash for someone seeking a mortgage
-While the majority of loans are sold in the secondary market, many of them
are retained. What is this called? - -Portfolio loans
-Most mortgage brokers specialize as the "_____" between the borrower and
the lender - -Middleman
-One advantage of municipal bonds is that... - -Interest paid to investor is
not subject to federal income tax, making them appealing to investor who
needs to shelter some income from taxation
-A claim, lien, charge, or liability attached to and binding real property - -
Encumbrance
-A right given by law to certain creditors to have debts paid out of the
properly of a defaulting debtor, usually through a court sale - -Lien
-A borrower is known as a - -Mortgagor
-A lender is known as a - -Mortgagee
