Champions Real Estate Finance Questions and Answers (100% Pass)
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Course
Champions Real Estate
Institution
Champions Real Estate
Loan-to-Value Ratio (LTV)
The 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...
✓ Entities which provide their own funds for the purpose of providing
mortgage financing, as opposed to commercial banks/savings
associations. (Held, or "Warehoused")
Correspondent Lender
✓ Usually smaller in scale than mortgage bankers or brokers, these lenders
typically extend loans with their own funds, at their own risk.
Processing
✓ Once application is complete the file moves into this phase.
Underwriting
✓ The detailed process of evaluating a borrower's loan application to
determine the risk involved for the lender.
Closing
✓ The consummation of a real estate transaction in which all appropriate
documents are signed and the proceeds of the mortgage loan are
then disbursed by the lender.
Servicing
Master01 |Excellent Study Material| Latest update
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