100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
MA Salesperson Exam Module 10: Real Estate Financing Exam Study Guide Solutions $11.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. MA Salesperson
  4.  
  5. MA Salesperson

Exam (elaborations)

MA Salesperson Exam Module 10: Real Estate Financing Exam Study Guide Solutions
 2 views  0 purchase
  • Course
  • MA Salesperson
  • Institution
  • MA Salesperson

MA Salesperson Exam Module 10: Real Estate Financing Exam Study Guide Solutions secondary mortgage market - ANSWER--banks have the option to sell off the loan investors -After the loan is sold (either at a discount for less that its worth or at a premium for more than it's worth) the mortgagor...

[Show more]

Preview 2 out of 8  pages

Document information

  • November 4, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • ma salesperson exam module 10 real estate financi

Written for

  • MA Salesperson
  • MA Salesperson

Seller

avatar-seller
KaylinHoffman

Content preview

Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




MA Salesperson Exam Module 10: Real

Estate Financing Exam Study Guide

Solutions


secondary mortgage market - ANSWER✔✔--banks have the option to sell off the loan investors


-After the loan is sold (either at a discount for less that its worth or at a premium for more than it's

worth) the mortgagor may either make payments directly to the loan's new owner, or they might keep

paying the original lender who will forward their payments.


Helping Families Save Their Homes Act - ANSWER✔✔-The mortgagor does not need to consent to the

sale of the loan, but they must be informed (part of the Truth in Lending Act)


Federal National Mortgage Association (Fannie Mae) - ANSWER✔✔-Founded in 1938. Focuses on

conventional, FHA, and VA loans.


Federal Home Loan Mortgage Corporation (Freddie Mac) - ANSWER✔✔-founded in 1970. Specialized in

conventional, FHA, and VA loans.


Freddie Mac and Fannie Mae are run under - ANSWER✔✔-the federal housing financing agency


Government National Mortgage Association (Ginnie Mae) - ANSWER✔✔-Founded in 1968. Specialized in

FHA low-income loans


Fully Amortized Loans - ANSWER✔✔--also known as direct reduction loans


-loans that are completely paid off when the last payment is made

Copyright ©Stuvia International BV 2010-2024 Page 1/8

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


amoritization - ANSWER✔✔-they payment of debt in equal installments


debt service - ANSWER✔✔-payments


principal - ANSWER✔✔-debt


PITI - ANSWER✔✔-principal, income, taxes, insurance


broad-form insurance - ANSWER✔✔-An insurance policy covering buildings and personal property

against loss or damage


simple interest mortgages - ANSWER✔✔--debt is calculated daily


-Assuming there are only 12 days in a year (first day of every month)


-Account beings on the first day of the month following the day the loan closes


-You pay "interim interest" for the period between the closing and the day your record beings


-First monthly payment is due on the first day of the month after that


monthly payment = - ANSWER✔✔-(loan/1000) * PI


Pi factor - ANSWER✔✔-first half of PITI


Balloon Mortgage - ANSWER✔✔--also known as balloon loan


-loan with an amortization period that is longer than its payment period


-monthly payments on the loan are lower than would be necessary to pay off the loan by the end of the

payment period


-makes payments affordable




Copyright ©Stuvia International BV 2010-2024 Page 2/8

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 KaylinHoffman. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

66579 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$11.49
  • (0)
  Add to cart