Champions finance stuvia - Study guides, Class notes & Summaries

VA loan requirements - ANSWERS· Must be honorably discharged · Must meet service requirements · Time frame of service; number of days active duty · Must obtain certificate of eligibility Loan terminology - origination, funding, underwriting, servicing - ANSWERS· Origination: Process of creating a new mortgage loan; includes steps to attract and qualify a borrower · Funding: Process of transferring funds to a title or escrow company for disbursement · Underwriting: Process of evalu...

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...

Real Estate Finance Champions Exam Questions & Answers 100% AccurateReal Estate Finance Champions Exam Questions & Answers 100% AccurateReal Estate Finance Champions Exam Questions & Answers 100% AccurateOrigination - ANSWER-The 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: - ANSWER-Experian, Equifax, and TransUnion Not al...

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...

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 records and following up on delinquencies Benefits of home ownership: -ANSWER- Occupancy, Tax Benefits, Pride of Ownership, Security, Investment Character -ANS...

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 records and following up on delinquencies Benefits of home ownership: -ANSWER- Occupancy, Tax Benefits, Pride of Ownership, Security, Investment Character -ANS...

Servicing - ANSWER-Sending monthly payment statements and collecting monthly payments, maintaining payment records and following up on delinquencies Benefits of home ownership: - ANSWER-Occupancy, Tax Benefits, Pride of Ownership, Security, Investment Character - ANSWER-the willingness of a borrower to make on-time payments Capacity - ANSWER-the measure of the borrowers ability to repay the debt Capital - ANSWER-the sum of all assets that the borrower has accumulated Collateral - ...

3 major credit reporting agencies - ANSWER-Experian, Equifax, TransUnion Origination - ANSWER-Process of creating a new mortgage loan, including all steps by a lender to attract and qualify a borrower. Loan Processing - ANSWER-Building a file that will be used to make an underwriting decision Underwriting - ANSWER-The process of evaluating a borrower's loan application to determine risk; in-depth analysis of borrower's credit history. Closing - ANSWER-Consummation of a contractual ...

_____ 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...

lenders bear less risk in making an FHA loan beacuse the FHA - ANSWERSFHA is default insurance that will pay a claim to a lender in the event of a default by the homeowner portfolio loan - ANSWERSretained by the lender and it is not sold in the secondary market. commercial banks are active in residential mortgage lending an appropriate loan for a property in need of significant rehabilitation would be - ANSWERSconstruction to permanent loan a borrower plans to be in a home long term, or...