Loan processing - Study guides, Class notes & Summaries

Real Estate Finance champion school test Questions and Correct Solutions 2024 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 mon...

ETS MFT BUSINESS EXAM The principal difference between variable costing and absorption costing centers on: a) whether variable manufacturing costs should be included as product costs b) whether fixed manufacturing costs should be included as product costs c) whether fixed manufacturing costs and fixed selling and administrative costs should be included as product costs d) none of these. General Bikes is debating which marketing research options to employ. The traditional p...

During which stage of a real estate transaction must the licensee remember to impart information to the seller regarding the potential buyer's qualifications and the quality of the offer being presented? - correct answers During the negotiation stage Why should real estate licensees have good knowledge of the loan programs that are currently available from local banks and other lenders? - correct answers Financing is a critical part of the transaction. Licensees need to stay current on len...

Colibri Real Estate Exam In a real estate transaction the principal would BEST be described as the - CORRECT ANSWER Person represented by an agent Bert is showing his buyer a home in a historic district. The buyer mentions in passing that she would like to place solar panels on the roof. Beet knows that the homeowners association CC&Rs would prohibit this to protect the historic character of the neighborhood, but he doesn't tell the buyer for fear she'll loose interest in the h...

Champions Real Estate Finance Exam Questions and Answers 100% Pass Loan-to-Value Ratio (LTV) - 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. Package Mortgage - Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - Covers more than one piece of property. Wrapa...

What is the definition of a defect? A) A product/process that exhibits variability. B) A product/process that does not perform as well as the competition. C) A product/process that does not meet customer requirements for use. D) A product/process that is not reliable. E) A product/process that requires extra processing. Answer C What is the primary approach employed by Lean Six Sigma to reduce the number of defects? A) Add inspection to isolate the customer from process instabilit...

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 borrower's 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

Sending monthly payment statements and collecting monthly payments, maintaining payment records and following up on delinquencies. - ANS Servicing The process of creating a new mortgage loan - ANS Origination The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision - ANS Loan Processing The process of transferring funds to a title or escrow company for disbursement - ANS Funding The process o...

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 ...

What is the definition of a defect? A) A product/process that exhibits variability. B) A product/process that does not perform as well as the competition. C) A product/process that does not meet customer requirements for use. D) A product/process that is not reliable. E) A product/process that requires extra processing. - Answer C What is the primary approach employed by Lean Six Sigma to reduce the number of defects? A) Add inspection to isolate the customer from process in...