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REAL ESTATE FINANCE CHAMPIONS STUDY GUIDE QUESTIONS AND ANSWERS 2024
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REAL ESTATE FINANCE CHAMPIONS STUDY GUIDE QUESTIONS AND ANSWERS 2024
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REAL ESTATE FINANCE CHAMPIONS STUDYGUIDE QUESTIONS AND ANSWERS 2024 - 2025
VA, loan, requirements, ANS, -·, Must, be, honorably, discharged
·, Must, meet, service, requirements
·, Time, frame, of, service;, number, of, days, active, duty
·, Must, obtain, certificate, of, eligibility
Loan, terminology, -, origination,, funding,, underwriting,, servicing, ANS, -·, Origination:, Process, of,
creating, a, new, mortgage, loan;, includes, steps, to, attract, and, qualify, a, borrower
·, Funding:, Process, of, transferring, funds, to, a, title, or, escrow, company, for, disbursement
·, Underwriting:, Process, of, evaluating, a, borrower's, loan, application, to, determine, the, risk, involved,
for, the, lender
·, Servicing:, Collecting, monthly, payments,, maintaining, records, of, payments, and, balances,, collecting,
and, paying, taxes, and, insurance,, remitting, funds, to, the, note, holder,, and, following, up, on,
delinquencies
VA, loan, terminology, -, guaranteed,, qualification,, eligibility,, entitlement, ANS, -·, Guaranteed:, Partial,
guarantee, on, the, loan, protects, the, lender, against, loss, if, the, payments, are, not, made
·, Qualification:, Based, upon, residual, income, and, debt, to, income, ratio
·, Eligibility:, The, Veteran's, entitlement, to, VA, home, loan, benefits, under, the, law,, based, on, military,
service
·, Entitlement:, The, dollar, amount, the, VA, will, guarantee, on, each, VA, home, loan, and, helps, to,
determine, how, much, a, veteran, can, borrow, before, needing, a, down, payment
Primary, market, vs, secondary, market, ANS, -·, Primary, -, where, borrowers, and, mortgage, lenders,
come, together, to, create, and, negotiate, terms, of, mortgage, transactions
·, Secondary, -, exists, for, the, purchase, and, sale, of, existing, mortgages, to, investors;, designed, to,
provide, greater, liquidity, to, the, residential, real, estate, market, by, providing, for, a, steady, supply, of,
funds, from, investors
Front, and, back, qualifying, ratios, and, calculations, ANS, -·, Front, End, Ratio:, Used, to, qualify, a,
borrower, for, a, loan, based, upon, the, proposed, house, payment, and, his, or, her, gross, monthly,
, income, (GMI)., In, conventional, lending,, a, front, ratio, of, 28%, means, that, the, house, payment, (PITI),
cannot, exceed, 28%, of, the, borrower's, gross, monthly, income.
o, 28%, ×, gross, monthly, income, =, Max., monthly, house, payment
·, Back, End, Ratio:, The, ratio, of, the, borrower's, total, recurring, monthly, debts,, including, such,
obligations, as, the, house, payment,, payments, on, all, installment, debts,, monthly, payments, on, all,
junior, liens,, alimony,, car, lease, payments,, and, other, recurring, payment, obligations., In, conventional,
lending,, it, is, usually, 36%., Both, ratios, must, be, satisfied.
o, 36%, ×, gross, monthly, income, =, Max., PITI, and, debts, per, month
Loan, originator, registration, system, ANS, -·, Nationwide, Mortgage, Licensing, System, and, Registry,
(NMLSR)
FHA, loan, program, administrators, ANS, -·, Part, of, HUD
·, Started, in, 1965
·, Operates, from, self-generated, income
Fair, Housing, Rules, and, protected, categories, ANS, -·, Race
·, Color
·, National, origin
·, Sex
·, Religion
·, Families, with, children
·, Disabilities
The, elements, in, the, PITI, payment, ANS, -·, Principal
·, Interest
·, Taxes
·, Insurance
FHA, loan, advantages, vs, VA, ANS, -·, FHA, loan, advantages
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