Exam (elaborations)
Real Estate Finance Champions Q&A
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Real Estate Finance Champions Q&A
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Real Estate Finance ChampionsOrigination Correct Ans - The process of creating a new mortgage loan,
including all steps taken by a lender to attract and qualify a borrower
Credit reports will be ordered, in most cases from all three major national
credit reporting agencies: Correct Ans - Experian, Equifax, and
TransUnion
Not all creditors will report to all three, they will Correct Ans - Each
reporting agency will report a different credit score for the borrower
Underwriting Correct Ans - The detailed process of evaluating a
borrower's loan application to determine the risk involved for lender
Fiscal Policy Correct Ans - Which relates to Federal Government
spending. Government spending is approved by the U.S. Congress
The Federal Reserve: 1913 Correct Ans - Is a central banking system of
the US
Federal Fair Housing Statues Correct Ans - Prohibit housing
discrimination based on race, color, national origin, sex, religion, families with
children, and disabilities
All residential mortgage loan originators must be registered with Correct
Ans - the Nationwide Mortgage Licensing System and Registry (NMLSR)
Texas Department of Housing and Affairs (TDHCA) Correct Ans - An
agency responsible for affordable housing, housing related and community
service programs, and the regulation of the state's manufactured housing
industry
Yield Correct Ans - The return that represents the money earned on an
investment
The two major purchasers of mortgages in the secondary market are:
Correct Ans - Fannie Mae and Freddie Mac
, Freddie Mac Correct Ans - Is a federally chartered corporation
established as the Federal Home Loan Mortgage Corporation (FHLMC) in 197
for the purpose of purchasing mortgages in the secondary market
Primary Market Correct Ans - Where borrowers and mortgage lenders
come together to create and negotiate terms of a mortgage transaction
Commercial banks are active in _________. While the majority of their loans are
sold in the ________, many of them are retained as ________. Correct Ans -
Residential mortgage lending, secondary market, portfolio loans
Credit unions are: Correct Ans - Non-for-profit organizations that exist
to serve their members. They accept deposits and make loans
Credit Unions focus: Correct Ans - On providing a safe place to save
and borrow at reasonable rates. Unlike banks, they return surplus income to
their members in the form of dividends
The money that mortgage companies use to make loans come from the sale of
________, which is considered a business transaction, not a savings account
deposit procedure. Correct Ans - Bonds
Government entities regularly sell bonds to Correct Ans - Fund major
capital investments
Advantage of municipal bonds is Correct Ans - That the interest paid
to investors is not subject to federal income tax, making them appealing to
investors who need to shelter some income from taxation
Municipal bond Correct Ans - May be exempt from state and local tax.
Encumbrance Correct Ans - A claim, lien, charge, or liability attached
to and binding upon real property.
lien Correct Ans - A right given by law to certain creditors to have
their debts paid out of the property of a defaulting debtor, usually by means of
a court sale.
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