Exam (elaborations)
Real Estate Finance champions 2023
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- Real Estate Finance Champions 2023
Real Estate Finance champions 2023
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Real Estate Finance champions 2023What does the Federal Housing Administration statues prohibits? Correct
Ans - Prohibits discrimination based on:
NATIONAL ORIGIN
Race
color
Religion
Sex
Families with children
Disabilities
Loan not intended for sale in the secondary market. b/c it is retained by the
lender in their investment portfolio Correct Ans - Portfolio Loan
What is TDHCA? Correct Ans - (Texas Department of Housing and
Community Affairs)
Responsible for affordable housing.
Is the process of creating a new mortgage loan. Correct Ans - What is
Origination?
VA loan Correct Ans - requires 0% down payment
In Residential Mortgage Loan Originators (loan officer) must be register with?
Correct Ans - It must be register with: The NATIONWIDE LICENSING
SYSTEM AND REGISTRY or
- National Mortgage Licensing System (NMLSR)
Loan officer must be registered
VA To participate in the Texas Veterans Loan Program? Correct Ans -
Is an assistance program on which veterans can obtain a FHA, VA or
Conventional loan from a participating lender.
DEPARTMENT OF HOUSING AND URBAN AFFAIRS Correct Ans -
An amortizing loan is: Correct Ans - A loan whose payment includes
both principal and interest
, what does a FHA loan requires? Correct Ans - FHA loans require
escrow of taxes and insurance
A claim, lien, charge, or liability attached to and binding real property is a(n)
__________. Correct Ans - Encumbrance
FHA provides mortgage insurance on? Correct Ans - FHA loans are
available for:
(a) Single family homes
(b) Multifamily properties
(c) Manufactured homes
Lenders bear less risk in making an FHA loan because? Correct Ans -
Because in case of default;FHA will pay a claim to the lender in the event of
homeowner's default.
According to the TRUTH IN LENDING ACT t and RESPA buyers___? Correct
Ans - A buyer MUST receive the CD (Closing Disclosure) from the title
company within 3 business day before the closing.
Underwriting Correct Ans - Renders (provides) a decision on the loan.
Yes or not!
Subordination Clause Correct Ans - A clause in a mortgage that allows
the lender to move to or take secondary position.
EX: Refinancing
What is the Community Reinvestment Act? Correct Ans - - Prohibits
Redlining
- Redlining- is the practice of refusing to provide financing in a particular area
based on the location of the property.
- Only Banks are guilty.
An appraiser finds that, on average, rental homes in the area are selling for
$166,900. Average rents are $1575 per month. The appraiser is appraising a
home with a projected gross rent of $1,520 per month. What is the value of
the home (Value of the PROPERTY) using the gross rent multiplier?
Correct Ans - (a) $166,500
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