Exam (elaborations)
Champions School of Real Estate Finance
- Institution
- Captains Career Course Module 5 Post Test 2
Champions School of Real Estate Finance
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Champions School of Real Estate FinanceSeller's market - CORRECT ANSWER-When supply is low and demand is high
Buyer's market - CORRECT ANSWER-When supply is high and demand is low
The process of creating a new mortgage loan - CORRECT ANSWER-Origination
The detailed process of evaluating a borrower's loan application to determine the
risk involved for the lender - CORRECT ANSWER-Underwriting
When there is an excess of money supply in the market - CORRECT
ANSWER-Monetary inflation
Which agency insures deposits in bank and thrift institution for up to $250,000? -
CORRECT ANSWER-Federal Deposit Insurance Corporation
prohibit housing discrimination based on sex, race, color, religion, national origin,
disabilities, or familial status - CORRECT ANSWER-Federal Fair Housing
All residential mortgage loan originators must now be registered with... -
CORRECT ANSWER-Nationwide Mortgage Licensing System and Registry
(NMLSR)
The practice of refusing to provide financing in a particular area because of the
location - CORRECT ANSWER-Redlining
What was the Community Reinvestment Act (CRA)? - CORRECT ANSWER-Law
against bank to ensure that banks would serve the needs of the community
The Texas Veteran's Loan Program - CORRECT ANSWER-Buyes loans from
lender
To participate in the program, the Veteran obtains a FHA, VA, or conventional
loan from participating lenders - CORRECT ANSWER-Texas Veteran's Loan
Program
, Texas Veterans Land Loan - CORRECT ANSWER-Charges less in fees
What is TDHCA? - CORRECT ANSWER-(Texas Department of Housing and
Community Affairs) Responsible for affordable housing.
The Housing Assistance Program... - CORRECT ANSWER-Is a loan that is
eligible for Veterans, military member and their spouses
The creditor must ensure that the consumer receives the Closing Disclosure form
at lease ________ days before the consumer closes the loan - CORRECT
ANSWER-3 Business days
Freddie MAC is a federally chartered corporation for the purpose of... -
CORRECT ANSWER-Purchasing mortgages in the secondary market.
Created in the 1970 to purchase mortgages in the secondary market -
CORRECT ANSWER-Freddie MAC
The market where borrowers and mortgage lender come together to create and
negotiate terms of a mortgage transaction is called... - CORRECT ANSWER-The
Primary Market
Addresses imbalance of mortgage credit among regions of the unite state by
making funds available. (focus attention to help pump more money into the
economy) - CORRECT ANSWER-Fannie Mae
It standardized mortgage loans - CORRECT ANSWER-Fannie Mae
Allows lenders to originate mortgage for sale rather than for portfolio investment.
(lower rates better fees) - CORRECT ANSWER-Fannie Mae
Primary Market lender include... - CORRECT ANSWER-Saving and loans,
commercial banks, mutual saving banks, mortgage company's, credit union,
individual, or any person or business that provide cash for someone seeking a
mortgage
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