Exam (elaborations)
CH.32 Mortgage Brokerage with complete solutions
- Course
- Institution
CH.32 Mortgage Brokerage with complete solutions
[Show more]
Content preview
CH.32 Mortgage Brokerageall of the following are loan servicing duties EXCEPT for
a. collecting payments
b. tax record preparation
c. loan analysis
d. title search - correct answer ✔✔title search
Loans that are more than the bank funding criteria limits are called
a. fully amortized loans
b. nonconforming loans
c. adjustable rate loans
d. construction loans - correct answer ✔✔nonconforming loans
in the process of obtaining a loan, a mortgage broker does not typically act in which capacity?
a. loan originator
b. loan negotiator
c. funds provider
d. loan processor - correct answer ✔✔funds provider
When is a loan nonconforming?
a. the borrower locks in a low interest rate
b. the loan is negotiated by a mortgage broker
c. the loan is originated by a mortgage banker
d. the loan does not follow federal reserve bank criteria for funding - correct answer ✔✔the loan does
not follow federal reserve bank criteria for funding
a mortgage banking company must have a ______ line of credit to do business in NY
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Sakayobako30. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
71498 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now