Mortgage banker Study guides, Class notes & Summaries

Champions real estate finance Exam 2024 Questions and Answers 1oo% Correct!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 O...

Champions real estate finance with Correct Solutions Latest 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 -Covers more than one piece of...

NMLS Exam Review Questions and answers, VERIFIED/ WHAT DOES TILA STAND FOR? - -TRUTH IN LENDING ACT WHAT DOES RESPA STAND FOR? - -REAL ESTATE SETTLEMENT PROCEDURES ACT WHAT IS HPA? - -HOMEOWNER'S PROTECTION ACT INTEREST RATE ALSO KNOWN AS - -NOTE RATE OR NOMINAL RATE MINIMAL CREDIT SCORE TO QUALIFY FOR AN FHA LOAN - -500 WHAT DOES PITI STAND FOR? - -PRINCIPAL - INTEREST - TAXES - INSURANCE (CAN ALSO INCLUDE HOA FEES) WHAT IS CONSIDERED A BUSINESS DAY FOR CLOSING DISCLUSRES? - -ANY DAY...

The economic characteristics of land are - scarcity, location, and durability A major difference between freehold and nonfreehold estates is that all freehold estates - are of indeterminable duration An easement can be terminated by - merger of titles The land description T3N, R4W Principal Meridian refers to what method of property description? - Rectangular survey Tenants are still in their rental property even though their lease has expired. The landlord has given them written not...

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...

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...

Texas Principles of Real Estate II (2023/ 2024) Exam | Guide with Questions and Verified Answers| 100% Correct Q: Principle of Contribution? Answer: A component part of a property is valued in proportion to its contribution to the value of the whole. Holds that maximum values are achieved when the improvements on a site produce the highest (net) return, commensurate with the investment. Q: Principle of Competition? Answer: Holds that profits tend to breed competition and e...

What is the form to confirm tax records that's filled out with IRS? Answer 4506-T form APR Answer Annual percentage rate What is an APR? Answer The annual rate of interest that is charged for using credit What does an APR consist of? Answer Discount points, mortgage insurance premiums, administrative fees (ordination fees, processing fees, underwriting) Ballon payment Answer A final payment at the end of a loan term to pay off the entire remaining principal and interstate's balance...

"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...

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 ...