Cross defaulting clause 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 U...

Federal National Mortgage Association (FNMA) known as, Fannie Mae - ANSWERSbegan 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) - ANSWERSin 1970 for the purpose of purchasing mortg...

Champions Real Estate Finance (Questions And Answers) 2024 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 th...

origination - ANSWERSprocess of creating a new mortgage loan funding - ANSWERSThe process of transferring funds to a title or escrow company for disbursement underwriting - ANSWERSprocess of evaluating a borrowers loan application to determine the risk involved for the lender servicing - ANSWERSsending monthly payment statements and collecting monthly payments, maintaining payment records and following up on delinquencies processing - ANSWERScollecting info about a borrower in order ...

origination - ANSWERSprocess of creating a new mortgage loan funding - ANSWERSThe process of transferring funds to a title or escrow company for disbursement underwriting - ANSWERSprocess of evaluating a borrowers loan application to determine the risk involved for the lender servicing - ANSWERSsending monthly payment statements and collecting monthly payments, maintaining payment records and following up on delinquencies processing - ANSWERScollecting info about a borrower in order ...