Champions Real Estate Finance Practice exam Verified 100% Correct!!
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Course
CHAMPIONS OF REAL ESTATE
Institution
CHAMPIONS OF REAL ESTATE
A __________ is a permanent change in one or more of the terms of a borrower's loan.
Loan Qualification
Loan Modification
Loan Approval
Loan Origination - Answer Loan Modification
What time period must borrowers have in job history with the same employer to qualify?
2 months
6 mo...
Champions Real Estate Finance
Practice exam Verified 100% Correct!!
A __________ is a permanent change in one or more of the terms of a borrower's
loan.
What time period must borrowers have in job history with the same employer to
qualify?
2 months
6 months
1 year
2 years - Answer 2 years
Unscrupulous actions carried out by a lender to entice, induce and/or assist a
borrower in taking a mortgage that carries high fees, a high interest rate, strips the
borrower of equity, or places the borrower in a lower credit rated loan to benefit the
lender.
Predatory lending
Sub prime Mortgage
Participation Agreement
Fraud - Answer Predatory lending
Why do lender care about unpaid taxes?
They want to ensure your mortgage payment is not late
It makes the loan difficult to sell in the secondary market
Unpaid property taxes are a superior lien to the right of the lender
Lenders don't care about unpaid taxes - Answer Unpaid property taxes are a
superior lien to the right of the lender
A burden, obstruction, or impediment on the property that lessens its value or makes
it less marketable.
Lien
Interest
Encumbrance
Mortgage - Answer Encumbrance
, Champions Real Estate Finance
Practice exam Verified 100% Correct!!
The mortgage or deed of trust will contain ___________ that permits the lender to
demand that the entire balance of the loan be repaid if the borrower defaults.
Due on sale clause
Acceleration clause
Alienation clause
Balloon clause - Answer Acceleration clause
One of the largest buyers of securities is _________.
Credit Unions
Pension Funds
China
American Public - Answer Pension Funds
A company or individual that originates mortgage loans and sells them to investors,
while taking care of borrowers loan payments, records, taxes, and insurance.
The largest buyer of residential mortgages in the United States today.
FHLMC
GNMA
Banks
FNMA - Answer FNMA
Provides cash advances to members, including community banks, thrifts, credit
unions and community development financial institutions.
FNMA
FHLMC
FHLB
Banks - Answer FNMA
Loan amount is $337,500. Down payment is $37,500. What is the LTV?
10%
11%
90%
91% - Answer 90%
The market where borrowers and mortgage originators come together to negotiate
terms and effectuate mortgage transactions.
Money market
Primary market
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