---Credit Score --- - ANS >> A number calculated from a credit report used to indicate risk of default by the borrower- the lower the number , the greater the risk to the lender.
Credit Union - ANS >> A non -profit financial institution set up under federal guidelines and own...
Loan Originator Class Questions & Answers
---Credit Score --- - ANS >> A number calculated from a credit report used to indicate risk of default by
the borrower- the lower the number , the greater the risk to the lender.
Credit Union - ANS >> A non -profit financial institution set up under federal guidelines and owned by
members using their services.
Creditor - ANS >> Lender , or lending institution
Credit Risk - ANS >> The possibility of a borrower defaulting on a loan.
Creditworthiness - ANS >> A lender's measure of a borrower's ability for and repay a loan
Debtor - ANS >> A borrower , or one who owes money
Debt - to - Income Ratio - ANS >> A consumer's debt payments expressed as a percentage of monthly
gross income - often includes two percents
1st - % of monthly gross income used to cover the monthly mortgage payment
2nd - % of monthly gross income used to cover the monthly mortgage payment plus non-housing debt
Debt Security - ANS >> An instrument that represents a loan from an investor to the security issuer.
The issuer will pay interest on the principal amount borrowed
Deposit (Earnest Money) - ANS >> An amount paid by a buyer when submitting an offer to purchase
property - evidence of good faith - it becomes part of the down payment if the offer is accepted and is
returned if the offer is rejected. It is forfeited if the buyer defaults on a sales contract
Delinquency - ANS >> Failure of a borrower to make on time payments
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