Exam (elaborations)
Champions Real Estate Finance: Questions And Answers
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Champions Real Estate Finance: Questions And Answers
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Champions Real Estate Finance:Questions And Answers
mortgage Broker Correct Ans - Functions as a middleman between the
borrower and the lender, negotiating, selling or arranging loans to be
delivered to large investors
Mortgage Banker Correct Ans - Provide their own funds for the
purpose of providing mortgage financing
Correspondent Lender Correct Ans - Smaller in scale then mortgage
bankers or brokers, these lenders typically extended loans with their own
funds at their own risk
Origination Correct Ans - The process of creating a new mortgage loan
Underwriting Correct Ans - Detailed process of evaluating a borrowers
loan application to determine the risk involved for the lender
Closing/Settlement Correct Ans - Consummation of a contractual real
estate transaction in which all appropriate documents are signed and the
proceeds of the mortgage loan are then distributed by the lender
Funding Correct Ans - The process of transferring funds into a title or
escrow company for disbursement
Housing and Economic Recovery Act of 2008 (HERA) Correct Ans -
Designed to assist with recovery and revitalization of America's residential
housing market
SAFE Act (Secure & Fair Enforement of Mortgage Licensing Act) Correct
Ans - Sets a minimum standard for licensing and registering mortgage loan
originators.
M1 Correct Ans - Sum of currency held by the public and transaction
deposits at depository institutions
, M2 Correct Ans - M1 plus savings accounts, certificates of deposit, and
other liquid assets
monetary policy Correct Ans - Maintenance of a stable money supply
that provides for growth in the economy while keeping inflation in check.
Federal reserve is responsible for monetary policy
fiscal policy Correct Ans - Federal government spending.
The Federal Reserve Correct Ans - The central banking system of the
United States
Monetary inflation Correct Ans - Excess of money supply in the market
discount rate Correct Ans - Interest rate a Reserve Bank charges
eligible financial institutions to borrow funds on a short term basis.
federal funds rate Correct Ans - Is the rate that the federal reserve
charges banks for unsecured loans most of which are for a very short term
(sometimes overnight) banks use these to meet their liquidity requirements
when withdrawals threaten to exceed cash on hand
US Treasury Correct Ans - Primarily responsible for raising funds to
finance the operations of the US government. Management of fiscal policy
Office of the Comptroller of the Currency (OCC) Correct Ans - charters
and regulates national banks
US Mint Correct Ans - Make US coins
Department of housing and urban development (HUD 1965) Correct Ans
- Create strong sustainable inclusive communities and quality affordable
homes.
The Federal Housing Administration (FHA) Correct Ans - Provides
mortgage loans made by FHA approved lenders through the United States and
its territories
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