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Champions real estate finance Exam Questions and Answers 2023
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Champions real estate finance ExamQuestions and Answers 2023
mortgage Broker - -Functions as a middleman between the borrower and the
lender, negotiating, selling or arranging loans to be delivered to large
investors
-Mortgage Banker - -Provide their own funds for the purpose of providing
mortgage financing
-Correspondent Lender - -Smaller in scale then mortgage bankers or
brokers, these lenders typically extended loans with their own funds at their
own risk
-Origination - -The process of creating a new mortgage loan
-Underwriting - -Detailed process of evaluating a borrowers loan application
to determine the risk involved for the lender
-Closing/Settlement - -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 - -The process of transferring funds into a title or escrow company
for disbursement
-Housing and Economic Recovery Act of 2008 (HERA) - -Designed to assist
with recovery and revitalization of America's residential housing market
-SAFE Act (Secure & Fair Enforement of Mortgage Licensing Act) - -Sets a
minimum standard for licensing and registering mortgage loan originators.
-M1 - -Sum of currency held by the public and transaction deposits at
depository institutions
-M2 - -M1 plus savings accounts, certificates of deposit, and other liquid
assets
-monetary policy - -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 - -Federal government spending.
, -The Federal Reserve - -The central banking system of the United States
-Monetary inflation - -Excess of money supply in the market
-discount rate - -Interest rate a Reserve Bank charges eligible financial
institutions to borrow funds on a short term basis.
-federal funds rate - -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 - -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) - -charters and regulates
national banks
-US Mint - -Make US coins
-Department of housing and urban development (HUD 1965) - -Create
strong sustainable inclusive communities and quality affordable homes.
-The Federal Housing Administration (FHA) - -Provides mortgage loans
made by FHA approved lenders through the United States and its territories
-Community Development Block Grant (CDBG) - -Help communities with
economic development, Job opportunities and housing rehabilitation
-Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 - -
Promote the financial stability of the United States by improving
accountability and transparency in the financial system, to end "to big to fail"
to protect the American taxpayer by ending bailouts to protect consumers
from abusive financial services practices and other purposes
-Consumer Financial Protection Bureau (CFPB) - -Examine and enforce
consumer protection regulations for all mortgage related business.
Established under Dodd-Frank
-Community Reinvestment Act - -A law requiring lenders to meet the needs
of the community in which they are charted to do business.
-Redlining - -a practice in which banks refuse to make loans to people living
in certain geographic locations
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