Mortgage banker - Study guides, Class notes & Summaries

Real Estate Financing and Settlement UPDATED ACTUAL Questions and CORRECT Answers On a real estate closing transaction involving an exclusive right-to-sell listing, the commission is a debit to the - CORRECT ANSWER- seller; The commission is a seller's obligation (debit) and is never a credit. Which lender uses its own funds to fund loans that will be sold in the secondary mortgage market? - CORRECT ANSWER- Mortgage banker; Mortgage brokers seldom use their own funds. The VA only...

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 ...

What's the difference between an addendum and an amendment? An addendum needs to be signed by all affected parties, but an amendment does not. An addendum is attached to a contract to create additional terms, and an amendment changes the terms within an existing contract. All contracts require amendments, but not all contracts require addenda. TREC promulgates amendments but does not promulgate addenda. correct answersAn addendum is attached to a contract to create additional terms, and an ...

mortgage Broker - ANSWERFunctions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - ANSWERProvide their own funds for the purpose of providing mortgage financing Correspondent Lender - ANSWERSmaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - ANSWERThe process of creating a new mortgage loan Underwrit...

NMLS SAFE ACT MLO Exam - Ethics and Fraud Exam Questions With 100% Correct Answers A lender provides a borrower with an initial amortization schedule for Private Mortgage Insurance (PMI) disclosure at loan closing for an adjustable-rate mortgage. The lender MUST also provide a written notice stating the A. Lender's right to increase the monthly payment amount for PMI B. Borrower's right to refuse a PMI C. Lender's right to extend the time for monthly payments for a PMI D. Borrower's...

REAL ESTATE LINCENSING QUIZ TEST. COMPLETE QUESTIONS AND ANSWERS GRADED A+. LATEST 2025/26 UPDATE. HOEPA stands for: Home and Equity Protection Act Home-ownership and Equity Protection Act - Correct Answer - High Equity Position Act Home Equity Protection Act The application fee for an RMLA license is? $2,143.00 - Correct Answer - B. $1,500.00 C. $1.250.00 D. $600.00 The acronym MLO, stands for which of the following? Mortgage loan officer Mortgage loan ori...

Name Clas Dat : s: e: CHAPTER 01—THE BUSINESS OF BANKING 1. A bank is a not-for-profit organization. a. b. True False False 1 BNKG.CFFT.3.LO: 1.1.1 - LO: 1.1.1 ANSWER: POINTS: LEARNING OBJECTIVES: 2. All federally chartered banks must be corporations. a. True ANSWER: POINTS: LEARNING OBJECTIVES: b. False True 1 BNKG.CFFT.3.LO: 1.1.1 - LO: 1.1.1 3. Commercial banks offer their services only to businesses. ANSWER: POINTS: LEARNING OBJECTIVES: 5. Issuing credit cards is ...

RMLO - Champions School of Real Estate Questions and Correct Answers 2024 A market for the purchase and sale of existing mortgages designed to provide greater liquidity for selling mortgages is called the ________. - Answer -secondary market The Federal agency established to restore Fannie Mae and Freddie Mac to a sound and solvent financial condition is _____. - Answer -Federal Housing Finance Agency (FHFA) The ____ guarantee allows mortgage lenders to obtain a better price for their loan...

"A" for Amps, "A" for the ______ of current available in a structure - Amount A banker decides not to lend in a community because of the infusion of people of a particular race, religion, or nationality. What is this called? - Red-lining A CMA (comparative market analysis) is not a/an ______ - Appraisal A lease for large unfinished space would be called a ____ lease - Loft A mortgage that covers and includes more than a single property is called _______ - Blanket A mortgage that financ...

Champions Real Estate Finance Review Exam age 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 ...