Champions Real Estate Finance (Questions And Answers) 2024

Champions Real Estate Finance (Questions And Answers) 2024 mortgage Broker - CORRECT ANSWER-Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - CORRECT ANSWER-Provide their own funds for the purpose of providing mortgage financing Correspondent Lender - CORRECT ANSWER-Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - CORRECT ANSWER-The process of creating a new mortgage loan Underwriting - CORRECT ANSWER-Detailed process of evaluating a borrowers loan application to determine the risk involved for the lender Closing/Settlement - CORRECT ANSWER-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 ANSWER-The process of transferring funds into a title or escrow company for disbursement Housing and Economic Recovery Act of 2008 (HERA) - CORRECT ANSWER-Designed to assist with recovery and revitalization of America's residential housing market SAFE Act (Secure & Fair Enforement of Mortgage Licensing Act) - CORRECT ANSWER-Sets a minimum standard for licensing and registering mortgage loan originators. M1 - CORRECT ANSWER-Sum of currency held by the public and transaction deposits at depository institutions M2 - CORRECT ANSWER-M1 plus savings accounts, certificates of deposit, and other liquid assets monetary policy - CORRECT ANSWER-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 ANSWER-Federal government spending. The Federal Reserve - CORRECT ANSWER-The central banking system of the United States Monetary inflation - CORRECT ANSWER-Excess of money supply in the market discount rate - CORRECT ANSWER-Interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short term basis. federal funds rate - CORRECT ANSWER-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 ANSWER-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 ANSWER-charters and regulates national banks US Mint - CORRECT ANSWER-Make US coins Department of housing and urban development (HUD 1965) - CORRECT ANSWERCreate strong sustainable inclusive communities and quality affordable homes. The Federal Housing Administration (FHA) - CORRECT ANSWER-Provides mortgage loans made by FHA approved lenders through the United States and its territories Community Development Block Grant (CDBG) - CORRECT ANSWER-Help communities with economic development, Job opportunities and housing rehabilitation Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 - CORRECT ANSWER-Promote the financial stability of the United States by improving accountability and transparency in