Champions finance stuvia - Study guides, Class notes & Summaries

Loan Processing - 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 - ANSWER-The process of evaluating a borrowers loan application to determine the risk involved for the lender. Funding - ANSWER-The process of transferring funds to a title or escrow company for disbursement. Servicing - ANSWER-Sending monthly payment statements and collecting monthly payments, maintaining payment ...

_________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing * - ANSWER-A A veteran can have more than one VA loan: (a) If the prior VA loan was paid in full and the property disposed of (b) The prior VA loan was assumed by an eligible veteran who substituted their entitlement (c) A or B (d) Under no circumstances - a VA loan is a "once in a lifetime" benefit * - ANSWER-C _________ are not-for-p...

ORIGINATION - ANSWER-THE PROCESS OF CREATING A NEW LOAN, INCLUDING ALL STEPS TAKEN BY THE LENDER TO ATTRACT AND QUALIFY A BORROWER. MORTGAGE BROKERS - ANSWER-HE MIDDLEMAN, BRINGING THE LENDER AND THE BORROWER TOGETHER IN A LOAN PROGRAM THAT MEETS THE BORROWER'S NEEDS MORTGAGE BANKERS - ANSWER-USE THEIR OWN FUNDS TO PROVIDE THE FINANCING FOR THE BORROWER. THEY TAKE THE APPLICATION, ORIGINATE, PROCESS, UNDERWRITE, CLOSE AND FUND THE LOAN. A CORRESPONDENT LENDER OPERATES SIMILARLY TO A MORTG...

Mortgage - ANSWER-A pledge of real property as security for a debt. Deed of Trust - ANSWER-A three party loan instrument - borrower, lender and trustee. Note, Promissory Note - ANSWER-A personal promise to repay a debt. Mortgagor - ANSWER-Borrower under a mortgage Mortgagee - ANSWER-Lender under a mortgage Beneficiary - ANSWER-Lender under a deed of trust Trustor - ANSWER-Borrower under a deed of trust Trustee - ANSWER-A third party under a deed of trust who acts as an agent...

Congress created the Federal Housing Administration in - ANSWER-1934 In order to qualify for exemption from capital gains, the property must have been the primary residence for two of the previous ___ years - ANSWER-5 years A loan with no discount points is known as a - ANSWER-Par loan What is Fiat money - ANSWER-Currency that is not backed up by any precious metals At the treasury level, funds can be raised to pay for government spending by increasing borrowing and _____ - ANSWER-Ra...

Champions Real Estate Finance Exam Questions and Answers with Complete Solutions Champions Real Estate Finance Exam Questions and Answers with Complete Solutions Champions Real Estate Finance Exam Questions and Answers with Complete Solutions Loan-to-Value Ratio (LTV) - ANSWER-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...

Loan Processing - ANSWERSThe process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision Underwriting - ANSWERSThe process of evaluating a borrower's loan application to determine the risk involved for the lender Funding - ANSWERSThe process of transferring funds to a title or escrow company for disbursement Servicing - ANSWERSSending monthly payment statements and collecting monthly payments, maintaining payment r...

origination - ANSWERSprocess of creating a new mortgage loan funding - ANSWERSThe process of transferring funds to a title or escrow company for disbursement underwriting - ANSWERSprocess of evaluating a borrowers loan application to determine the risk involved for the lender servicing - ANSWERSsending monthly payment statements and collecting monthly payments, maintaining payment records and following up on delinquencies processing - ANSWERScollecting info about a borrower in order ...

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 Underwrit...

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