100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Ch 7: Mortgage Brokerage with verified answers $9.99   Add to cart

Exam (elaborations)

Ch 7: Mortgage Brokerage with verified answers

 2 views  0 purchase
  • Course
  • Mortgage Brokerage
  • Institution
  • Mortgage Brokerage

Ch 7: Mortgage Brokerage with verified answers

Preview 1 out of 2  pages

  • August 8, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Mortgage Brokerage
  • Mortgage Brokerage
avatar-seller
Sakayobako30
Ch 7: Mortgage Brokerage

a borrower may obtain a ________ to ensure a certain interest rate for a specified time - correct answer
✔✔rate lock



a person or company who registers with the NYSDFS to negotiate mortgage loans for others is a ______.
A person or company who makes residential mortgage loans is called a _______ - correct answer
✔✔mortgage broker; mortgage banker



a letter given to a borrower stating that the lender will probably loan the borrower a specific mortgage
amount - correct answer ✔✔preapproval



a statement by a lending institution that assures the purchase that the lender will loan a certain amount
of money is a - correct answer ✔✔mortgage committment



a mortgage broker fee may be in the form of - correct answer ✔✔lender rebate



in NY an individual who is sponsored by a registered mortgage broker and is licensed to negotiate
residential mortgage loans is a - correct answer ✔✔mortgage loan originator



a company registered in NY to receive residential mortgage loan payments from a borrower is a - correct
answer ✔✔mortgage loan servicer



the NYS dept of state licenses: - correct answer ✔✔apartment information vendors, appraisers, home
inspectors (NOT mortgage bankers)



an application for a mortgage broker registration must submit a surety bond with the application for -
correct answer ✔✔$10,000



a loan is said to be nonconforming when - correct answer ✔✔it does not conform to fannie mae
guidelines for conforming loans

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Sakayobako30. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.99
  • (0)
  Add to cart