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Champions Real Estate Finance Already Passed!! EXAM BUNDLE 2023
Champions Real Estate Finance Already Passed!!
[Show more]Champions Real Estate Finance Already Passed!!
[Show more]A __________ is a permanent change in one or more of the terms of a borrower's loan. 
 
 Loan Qualification 
 Loan Modification 
 Loan Approval 
 Loan Origination -ANSWER Loan Modification 
 
What time period must borrowers have in job history with the same employer to qualify? 
 
 2 months 
 6 mo...
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Add to cartA __________ is a permanent change in one or more of the terms of a borrower's loan. 
 
 Loan Qualification 
 Loan Modification 
 Loan Approval 
 Loan Origination -ANSWER Loan Modification 
 
What time period must borrowers have in job history with the same employer to qualify? 
 
 2 months 
 6 mo...
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 Small...
Preview 2 out of 9 pages
Add to cartmortgage 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 Small...
Loan-to-Value Ratio (LTV) - ANSWERThe 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 Mortgag...
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Add to cartLoan-to-Value Ratio (LTV) - ANSWERThe 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 Mortgag...
Mortgage - ANSWER A pledge of real property as security for a debt. 
 
Deed of Trust - ANSWER A three party loan instrument - borrower, lender and trustee. 
 
Note, Promissory Note - ANSWER A personal promise to repay a debt. 
 
Mortgagor - ANSWER Borrower under a mortgage 
 
Mortgagee - ANSWER Lend...
Preview 2 out of 9 pages
Add to cartMortgage - ANSWER A pledge of real property as security for a debt. 
 
Deed of Trust - ANSWER A three party loan instrument - borrower, lender and trustee. 
 
Note, Promissory Note - ANSWER A personal promise to repay a debt. 
 
Mortgagor - ANSWER Borrower under a mortgage 
 
Mortgagee - ANSWER Lend...
The science that describes the management, creation, and study of money, banking, 
credit, investments, assets, and liabilities is - ANSWER Finance 
 
Most real estate cycles in Texas are determined by: - ANSWER Supply and demand 
 
__________________ measure(s) the wealth and resources of a particu...
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Add to cartThe science that describes the management, creation, and study of money, banking, 
credit, investments, assets, and liabilities is - ANSWER Finance 
 
Most real estate cycles in Texas are determined by: - ANSWER Supply and demand 
 
__________________ measure(s) the wealth and resources of a particu...
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