Exam (elaborations)
CH.32 Mortgage Brokerage with complete solutions
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CH.32 Mortgage Brokerage with complete solutions
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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
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