Sending monthly payment statements and collecting
monthly payments, maintaining payment
records and following up on delinquencies. - ANS Servicing
The process of creating a new mortgage loan - ANS Origination
The process of collecting information about a borrower in order to build a l...
K
C
LO
CHAMPIONS SCHOOL OF
YC
REAL ESTATE FINANCE EXAM
D
QUESTIONS WITH CORRECT
U
ANSWERS ALL VERIFIED BY
ST
AN EXPERT A+ GRADED
(LATEST UPDATE)
, Sending monthly payment statements and collecting
monthly payments, maintaining payment
records and following up on delinquencies. - ANS Servicing
The process of creating a new mortgage loan - ANS Origination
The process of collecting information about a borrower in order to build a loan file that will be
used to make an underwriting decision - ANS Loan Processing
The process of transferring funds to a title or escrow company for disbursement - ANS
K
Funding
The process of evaluating a borrower's loan application to determine the risk involved for the
C
lender - ANS Underwriting
When was the FHA created? - ANS 1934
LO
Who funds the FHA? - ANS The FHA funds itself
How long is the lifespan of a $20 bill? - ANS 7.9 years
YC
What is the "prime rate?" - ANS The interest rate that is determined by individual banks
Who provides VA home loans? - ANS Private lenders
The USDA Single Family Housing Direct Home Loan is also known as ____________ - ANS
Section 502 Direct Loan Program
D
In order to qualify for exemption from capital gains, the property must have been the primary
residence for two of the previous _______________ years. - ANS 5 years
U
A loan with no discount points is known as a _____________. - ANS Par Loan
ST
Relates to federal government spending - ANS Fiscal Policy
Insures deposits in banks and thrift
institutions - ANS Federal Deposit Insurance Corporation
Set by the board of directors of the
Federal Reserve Banks, subject to
approval by the Board of Governors - ANS Discount Rate
Policy that deals with interest rates
and the supply of money in the US
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