Exam (elaborations)
REAL ESTATE FINANCE CHAMPIONS EXAM NEWEST 2024 ACTUAL EXAM 2 COMPLETE
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REAL ESTATE FINANCE CHAMPIONS EXAM NEWEST 2024 ACTUAL EXAM 2 COMPLETE
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Champions real estate financeTerms in this set (116)
Functions as a middleman between the borrower and
mortgage Broker the lender, negotiating, selling or arranging loans to be
delivered to large investors
Provide their own funds for the purpose of providing
Mortgage Banker
mortgage financing
Smaller in scale then mortgage bankers or brokers,
Correspondent Lender these lenders typically extended loans with their own
funds at their own risk
Origination The process of creating a new mortgage loan
Detailed process of evaluating a borrowers loan
Underwriting
application to determine the risk involved for the lender
Consummation of a contractual real estate transaction in
which all appropriate documents are signed and the
Closing/Settlement
proceeds of the mortgage loan are then distributed by
the lender
The process of transferring funds into a title or escrow
Funding
company for disbursement
Housing and Economic Designed to assist with recovery and revitalization of
Recovery Act of 2008 America's residential housing market
(HERA)
SAFE Act (Secure & Fair Sets a minimum standard for licensing and registering
Enforement of Mortgage mortgage loan originators.
Licensing Act)
Sum of currency held by the public and transaction
M1
deposits at depository institutions
, M1 plus savings accounts, certificates of deposit, and
M2
other liquid assets
Maintenance of a stable money supply that provides for
monetary policy growth in the economy while keeping inflation in check.
Federal reserve is responsible for monetary policy
fiscal policy Federal government spending.
The Federal Reserve The central banking system of the United States
Monetary inflation Excess of money supply in the market
Interest rate a Reserve Bank charges eligible financial
discount rate
institutions to borrow funds on a short term basis.
Is the rate that the federal reserve charges banks for
unsecured loans most of which are for a very short term
federal funds rate (sometimes overnight) banks use these to meet their
liquidity requirements when withdrawals threaten to
exceed cash on hand
Primarily responsible for raising funds to finance the
US Treasury operations of the US government. Management of fiscal
policy
Office of the Comptroller of charters and regulates national banks
the Currency (OCC)
US Mint Make US coins
Department of housing and Create strong sustainable inclusive communities and
urban development (HUD quality affordable homes.
1965)
The Federal Housing Provides mortgage loans made by FHA approved
Administration (FHA) lenders through the United States and its territories
Community Development Help communities with economic development, Job
Block Grant (CDBG) opportunities and housing rehabilitation
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