Exam (elaborations)
Real Estate Finance Champions Q&A
- Course
- Institution
Real Estate Finance Champions Q&A
[Show more]
Seller
Follow
LeCrae
Reviews received
Content preview
Real Estate Finance ChampionsOrigination Correct Ans - The process of creating a new mortgage loan,
including all steps taken by a lender to attract and qualify a borrower
Credit reports will be ordered, in most cases from all three major national
credit reporting agencies: Correct Ans - Experian, Equifax, and
TransUnion
Not all creditors will report to all three, they will Correct Ans - Each
reporting agency will report a different credit score for the borrower
Underwriting Correct Ans - The detailed process of evaluating a
borrower's loan application to determine the risk involved for lender
Fiscal Policy Correct Ans - Which relates to Federal Government
spending. Government spending is approved by the U.S. Congress
The Federal Reserve: 1913 Correct Ans - Is a central banking system of
the US
Federal Fair Housing Statues Correct Ans - Prohibit housing
discrimination based on race, color, national origin, sex, religion, families with
children, and disabilities
All residential mortgage loan originators must be registered with Correct
Ans - the Nationwide Mortgage Licensing System and Registry (NMLSR)
Texas Department of Housing and Affairs (TDHCA) Correct Ans - An
agency responsible for affordable housing, housing related and community
service programs, and the regulation of the state's manufactured housing
industry
Yield Correct Ans - The return that represents the money earned on an
investment
The two major purchasers of mortgages in the secondary market are:
Correct Ans - Fannie Mae and Freddie Mac
, Freddie Mac Correct Ans - Is a federally chartered corporation
established as the Federal Home Loan Mortgage Corporation (FHLMC) in 197
for the purpose of purchasing mortgages in the secondary market
Primary Market Correct Ans - Where borrowers and mortgage lenders
come together to create and negotiate terms of a mortgage transaction
Commercial banks are active in _________. While the majority of their loans are
sold in the ________, many of them are retained as ________. Correct Ans -
Residential mortgage lending, secondary market, portfolio loans
Credit unions are: Correct Ans - Non-for-profit organizations that exist
to serve their members. They accept deposits and make loans
Credit Unions focus: Correct Ans - On providing a safe place to save
and borrow at reasonable rates. Unlike banks, they return surplus income to
their members in the form of dividends
The money that mortgage companies use to make loans come from the sale of
________, which is considered a business transaction, not a savings account
deposit procedure. Correct Ans - Bonds
Government entities regularly sell bonds to Correct Ans - Fund major
capital investments
Advantage of municipal bonds is Correct Ans - That the interest paid
to investors is not subject to federal income tax, making them appealing to
investors who need to shelter some income from taxation
Municipal bond Correct Ans - May be exempt from state and local tax.
Encumbrance Correct Ans - A claim, lien, charge, or liability attached
to and binding upon real property.
lien Correct Ans - A right given by law to certain creditors to have
their debts paid out of the property of a defaulting debtor, usually by means of
a court sale.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now