Exam (elaborations)
Chapter 18 - Mortgage Brokerages FR questions with correct answers
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Chapter 18 - Mortgage Brokerages FR questions with correct answers
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Chapter 18 - Mortgage Brokerages FRPre-application and Fee Agreement - correct answer ✔✔A form used between mortgage brokers or
mortgage bankers and a home buyer that provides certain disclosures prior to the application of a
mortgage.
Mortgage Broker - correct answer ✔✔An intermediary who brings borrowers and lenders together, but
does not use their own funds to originate mortgages.
Underwriting - correct answer ✔✔The process by which a lender decides whether a potential creditor is
creditworthy and should receive a loan.
Rate Lock - correct answer ✔✔An agreement between a borrower and a lender that allows the borrower
to lock in the interest rate on a mortgage over a specified time period at the prevailing market interest
rate.
Pre-qualification - correct answer ✔✔A process whereby a loan officer takes information from a
borrower and makes a tentative assessment of how much the lending institution is willing to lend them.
Mortgage Commitment - correct answer ✔✔A written notice from the bank or other lending institution
saying it will advance mortgage funds in a specified amount to enable a buyer to purchase a house.
Non-conforming Loan - correct answer ✔✔A loan that fails to meet bank criteria for funding.
Pre application and Fee Agreement - correct answer ✔✔A form used between mortgage brokers, or
mortgage bankers, and a home buyer that provides certain disclosures prior to the application of a
mortgage.
NMLS - correct answer ✔✔This organization licenses mortgage bankers and brokers throughout the U.S.
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