Exam (elaborations)
Mortgage brokers questions with complete solutions
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Mortgage brokers questions with complete solutions
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Mortgage brokersMortgage sources - correct answer ✔✔- commercial lender
-savings and loans
- credit union
- mortgage banker
-mortgage broker
Mortgage loan officer - correct answer ✔✔- speaks to the client
- qualifies the client
- walks the client through the process from qualifying to closing
Mortgage banker - correct answer ✔✔a company, individual or institution that originates mortgages.
Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages
Mortgage broker - correct answer ✔✔an intermediary who brings mortgage borrowers and mortgage
lenderes together, but does not use its own funds.
A mortgage broker gathers paperwork from a borrower, and passes that paperwork along to a mortgage
lender for underwriting and approval. The mortgage funds are then lent in teh name of the mortgage
lender. A mortgage broker collects an origination fee and/or yield spread premium from the lender as
compensation for its services
Pre-approval - correct answer ✔✔an evaluation of a potential borrower by a lender that determines
whether the borrower qualifies for a loan from the lender, or the maximum amount that the lender
would be willing to lend
-80% of loan application
-check client's credit
-property address to be determined
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