Champions stuvia 2024 - Study guides, Class notes & Summaries

Origination - ANSWERThe process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower Credit reports will be ordered, in most cases from all three major national credit reporting agencies: - ANSWERExperian, Equifax, and TransUnion Not all creditors will report to all three, they will - ANSWEREach reporting agency will report a different credit score for the borrower Underwriting - ANSWERThe detailed process of evaluating a borrower's l...

_____ is the consummation of a contractual real estate transaction in which all appropriate documents are signed, and the mortgage loan proceeds are disbursed by the lender. - ANSWERClosing The primary determinants of real estate values are supply and _____. - ANSWERDemand _____ is something of value that can be pledged as security for repayment of a loan. - ANSWERCollateral Servicing includes which of the following activities? - ANSWERMaintaining records of payment The monetary poli...

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 Servicing - ANSWER-Sending monthly payment statements and collecting monthly payments, maintaining payment r...

Federal National Mortgage Association (FNMA) known as, Fannie Mae - ANSWER-began in 1938 as an agency of the federal government In 1968, Fannie Mae became a privately owned and managed corporation Fannie Mae operates exclusively in the secondary market and provides support to mortgage lending institutions in the primary market. Freddie Mac is a federally chartered corporation established as the Federal Home Loan Mortgage Corporation (FHLMC) - ANSWER-in 1970 for the purpose of purchasing mortg...

_____ is the consummation of a contractual real estate transaction in which all appropriate documents are signed, and the mortgage loan proceeds are disbursed by the lender. -ANSWER- Closing The primary determinants of real estate values are supply and _____. -ANSWER- Demand _____ is something of value that can be pledged as security for repayment of a loan. -ANSWER- Collateral Servicing includes which of the following activities? -ANSWER- Maintaining records of payment

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...

_____ is the consummation of a contractual real estate transaction in which all appropriate documents are signed, and the mortgage loan proceeds are disbursed by the lender. -ANSWER- Closing The primary determinants of real estate values are supply and _____. -ANSWER- Demand _____ is something of value that can be pledged as security for repayment of a loan. -ANSWER- Collateral Servicing includes which of the following activities? -ANSWER- Maintaining records of payment The monetary ...