Champions School Of Real Estate – FINANCE Exam || Complete Questions & Answers (Graded A+)
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Champions School Of Real Estate – FINANCE Exam || Complete Questions & Answers (Graded A+)
Champions School Of Real Estate – FINANCE Exam || Complete Questions & Answers (Graded A+)
The process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a b...
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Champions School Of Real Estate –
FINANCE Exam || Complete Questions &
Answers (Graded A+)
The process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower are _____. - ANSWER - Origination activities
The process of evaluating a borrower's loan application to determine the risk involved for the lender is - ANSWER - Underwriting
Which of the following Federal Fair Housing statues prohibit housing discrimination - ANSWER - National Origin
All residential mortgage loan originators must now be registered with the ______. - ANSWER - Nationwide Mortgage Licensing System and Registry (NMLSR)
A young couple would like to buy a rundown house, with a high credit score, but the lender refuses to sell in that location. What is the lender guilty of? - ANSWER - Redlining under the Community Reinvestment Act (CRA)
The ______ prohibits Redlining. - ANSWER - Community Reinvestment Act
The state of Texas plays a role in affordable housing through the _______. - ANSWER -
The Texas Department of Housing and Community Affairs (TDHCA)
To participate in the Texas Veterans Loan Board Program a veteran can obtain any of these loans:
A. VA
B. FHA
C. Conventional
D. All of the above - ANSWER - D. All of the above
Eligible borrower under the VLB Veterans Housing Assistance Program (VHAP) include:
A. Disabled B. Texas Born/ Native
C. Honorable and Dishonorably discharged
D. Surviving spouses of Texas veterans - ANSWER - D. Surviving spouses of Texas Veterans How many days according to the Truth in Lending disclosure when must the buyer receive the Closing Disclosure (CD) from the lender? - ANSWER - Three business days
before the customer closes the loan.
_______ was established in 1970 for the purpose of purchasing mortgages in the Secondary Market. - ANSWER - Freddie Mac
A claim, lien, charge, or liability attached to and binding real property is an - ANSWER - encumbrance
A ______ is a right given by law to creditors to have debts paid out of the property of a defaulting debater. - ANSWER - Lien
A mortgage is a pledge of real estate as security for repayment of debt in which the borrow is known as ______ - ANSWER - Mortgagor
Which of the following is a lender? - ANSWER - Morgagee
Which of the following contains the borrowers personal promise to pay a debt? - ANSWER - The note
When a property is foreclosed and sold at an auction for less that what is owed, the lender may sue the borrower for a _____. - ANSWER - Deficiency Judgement
A borrower under the deed of trust .... proceed exceeded $5,000, who is entitled to the $5,000? - ANSWER - The debtor, borrower, mortgagor
In a contract for deed transaction, when does the borrower receive the deed? - ANSWER - When the final loan payment is made.
A second mortgage is ______ to the first mortgage. - ANSWER - Subordinate
A ______ clause gives the borrower the ability to replace the primary instrument with another without affecting the position of the subordinate instrument. - ANSWER - Lifting
Which clause in a mortgage allows a lender to move to or take a secondary lien - ANSWER - Subordinate clause
"HOUSE" When calculating the monthly payment the lender will add - ANSWER - 1/12th of the annual taxes and insurance
What do commercial banks, credit unions and mortgage companies have in common? - ANSWER - All components of the primary mortgage market
The ____ is where borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction - ANSWER - The primary market
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