Champions finance stuvia - Study guides, Class notes & Summaries

Servicing - ANSWER-Sending monthly payment statements and collecting monthly payments, maintaining payment records and following up on delinquencies Benefits of home ownership: - ANSWER-Occupancy, Tax Benefits, Pride of Ownership, Security, Investment Character - ANSWER-the willingness of a borrower to make on-time payments Capacity - ANSWER-the measure of the borrowers ability to repay the debt Capital - ANSWER-the sum of all assets that the borrower has accumulated Collateral - ...

origination - ANSWERSprocess of creating a new mortgage loan funding - ANSWERSThe process of transferring funds to a title or escrow company for disbursement underwriting - ANSWERSprocess of evaluating a borrowers loan application to determine the risk involved for the lender servicing - ANSWERSsending monthly payment statements and collecting monthly payments, maintaining payment records and following up on delinquencies processing - ANSWERScollecting info about a borrower in order ...

mortgage Broker - ANSWER-Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - ANSWER-Provide their own funds for the purpose of providing mortgage financing Correspondent Lender - ANSWER-Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - ANSWER-The process of creating a new mortgage loan Under...

mortgage Broker -ANSWER-Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker -ANSWER-Provide their own funds for the purpose of providing mortgage financing Correspondent Lender -ANSWER-Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination -ANSWER-The process of creating a new mortgage loan Underwrit...

Loan Processing - ANSWERSThe process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision Underwriting - ANSWERSThe process of evaluating a borrower's loan application to determine the risk involved for the lender Funding - ANSWERSThe process of transferring funds to a title or escrow company for disbursement Servicing - ANSWERSSending monthly payment statements and collecting monthly payments, maintaining payment r...

mortgage Broker - ANSWERFunctions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - ANSWERProvide their own funds for the purpose of providing mortgage financing Correspondent Lender - ANSWERSmaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - ANSWERThe process of creating a new mortgage loan Underwrit...

VA loan requirements - ANSWERS· Must be honorably discharged · Must meet service requirements · Time frame of service; number of days active duty · Must obtain certificate of eligibility Loan terminology - origination, funding, underwriting, servicing - ANSWERS· Origination: Process of creating a new mortgage loan; includes steps to attract and qualify a borrower · Funding: Process of transferring funds to a title or escrow company for disbursement · Underwriting: Process of evalu...

Origination - ANSWERThe process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower Credit reports will be ordered, in most cases from all three major national credit reporting agencies: - ANSWERExperian, Equifax, and TransUnion Not all creditors will report to all three, they will - ANSWEREach reporting agency will report a different credit score for the borrower Underwriting - ANSWERThe detailed process of evaluating a borrower's l...

Real Estate Finance Champions Exam Questions & Answers 100% AccurateReal Estate Finance Champions Exam Questions & Answers 100% AccurateReal Estate Finance Champions Exam Questions & Answers 100% AccurateOrigination - ANSWER-The process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower Credit reports will be ordered, in most cases from all three major national credit reporting agencies: - ANSWER-Experian, Equifax, and TransUnion Not al...

3 major credit reporting agencies - ANSWER-Experian, Equifax, TransUnion Origination - ANSWER-Process of creating a new mortgage loan, including all steps by a lender to attract and qualify a borrower. Loan Processing - ANSWER-Building a file that will be used to make an underwriting decision Underwriting - ANSWER-The process of evaluating a borrower's loan application to determine risk; in-depth analysis of borrower's credit history. Closing - ANSWER-Consummation of a contractual ...