Correspondent lenders - Study guides, Class notes & Summaries

Champions - Real Estate Finance Questions And Answers 2024 100% Scores Loan Processing - CORRECT ANSWER-The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision. Underwriting - CORRECT ANSWER-The process of evaluating a borrower's loan application to determine the risk involved for the lender. Funding - CORRECT ANSWER-The process of transferring funds to a title or escrow company for disbursement. Servic...

Xinnix Ground School Questions and Answers Already Graded A first-time homebuyer - Answer ️️ -Someone who has never owned a home Move-up homebuyer - Answer ️️ -Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. Relocation Homebuyer - Answer ️️ -Purchasing a new home in a different city or state due to job transfer or personal desire Affluent homebuyer - Answer ️️ -Well seasoned in home buying process. Knowledgeable, fin...

The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decisions. - ANSWER-loan processing The process of evaluating a borrower's loan application to determine the risk involved for the lender. - ANSWER-underwriting The process of transferring funds to a title or escrow company for disbursement. - ANSWER-funding Sending monthly payment statements and collecting monthly payments, maintaining payment records a...

NMLS Study Guide with Complete SolutionsNMLS Study Guide with Complete SolutionsNMLS Study Guide with Complete SolutionsNMLS Study Guide with Complete Solutions Portfolio Lender - ANSWER-Retail lender (ex. a bank, savings bank, credit union, or mortgage lender) that interacts directly with the borrower and actually makes the loan. If it holds, rather than sells, it's loans, it is called a portfolio lender. Correspondent Lender - ANSWER-Generally a smaller lender that takes apps and unde...

Champions real estate finance Correctly Answered 2024 mortgage Broker - Answer -Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - Answer -Provide their own funds for the purpose of providing mortgage financing Correspondent Lender - Answer -Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - Answ...

mortgage Broker - Answer Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - Answer Provide their own funds for the purpose of providing mortgage financing Correspondent Lender - Answer Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - Answer The process of creating a new mortgage loan ...

mortgage Broker - correct answer-Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - correct answer-Provide their own funds for the purpose of providing mortgage financing Correspondent Lender - correct answer-Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - correct answer-The process of creat...

The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. - Answer-Loan-to-Value Ratio (LTV) Includes both real and personal property ( fixtures and furnishings) - Answer-Package Mortgage Covers more than one piece of property. - Answer-Blanket Mortgage Method of financing which preserves the low, existing ...

Xinnix Ground School Questions and Answers Already Graded A first-time homebuyer - Answer ️️ -Someone who has never owned a home Move-up homebuyer - Answer ️️ -Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. Relocation Homebuyer - Answer ️️ -Purchasing a new home in a different city or state due to job transfer or personal desire Affluent homebuyer - Answer ️️ -Well seasoned in home buying process. Knowledgeable, fin...

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 ...