Correspondent lender - Study guides, Class notes & Summaries

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 : 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 ...

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...

Champions School of Real Estate - Real Estate Finance exam Correctly Answered 2024 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 value, whichever is lower. Package Mortgage - Answer -Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - Answer -Cover...

SAFE Exam Test With 100% Correct And Verified Answers Title X - Correct Answer-Created the CFPB IN 2011 A part of the Dodd Frank Act Dodd-Frank Wall Street Reform Act - Correct Answer-July 2010 Created to promote financial stability Created two titles- Title X and Title XIV CFPB - Correct Answer-Consumer financial protection bureau Created by Title X, under the Dodd Frank act Government entity that regulates laws and regulations 2010 Protects consumers from abusive practices ...

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...

If the term of an ARM is 5 years or less, the qualifying rate is the Start Rate + 2% or the fully-indexed rate, whichever is greater - TRUE A program description contains the summary of eligibility requirements for a loan to be sold to a specific lender/investor - TRUE HOA dues are included in the PITI calculation. - FALSE The Correspondent lender is the "end" lender in a mortgage banker's transaction - TRUE What is their new loan amount and proposed monthly PITI based on 30-year fixed-...

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...

Practice NMLS test - 20 Hour Safe Exam Review Questions and Answers In order to become a state licensed LO, the applicant must complete how many hours of prelicense education courses within 30 days of the end of the fiscal quarter a. 45 b. 30 c. 25 d. 20 - Answer-d A lender which will make mortgage loans to customers, but will immediately sell each of their loans to a larger lender (under a contract relationship) is called a: a. Wholesale lender b. Retail lender c. Correspondent l...