Correspondent lenders - Study guides, Class notes & Summaries

Champions Real Estate Finance Exam Questions with correct Answers 100% Verified 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 ri...

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 - ...

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...

Champions real estate finance with Correct Solutions Latest Loan-to-Value Ratio (LTV) - Answer -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 Mortgage - Answer -Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - Answer -Covers more than one piece of...

Champions real estate finance Correctly Answered 2024 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 - Answ...

Loan-to-Value Ratio (LTV) - ANSWERSThe 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 Mortgage - ANSWERSIncludes both real and personal property ( fixtures and furnishings) Blanket Mortgage - ANSWERSCovers more than one piece of property. Wraparound Mortgage - ANSWERSMethod of financin...

Champions real estate finance Exam 2024 Questions and Answers 1oo% Correct!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 O...

Underwriting -ANSWER- The process of evaluating a borrower's loan application to determine the risk involved for the lender Funding -ANSWER- The process of transferring funds to a title or escrow company for disbursement 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 -ANS...

Champions Real Estate Finance Review Exam age 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 ...