Loan originators must - Study guides, Class notes & Summaries

Champions School Of Real Estate Finance 2024 Tested And Verified Seller's market - CORRECT ANSWER-When supply is low and demand is high Buyer's market - CORRECT ANSWER-When supply is high and demand is low The process of creating a new mortgage loan - CORRECT ANSWER-Origination The detailed process of evaluating a borrower's loan application to determine the risk involved for the lender - CORRECT ANSWER-Underwriting When there is an excess of money supply in the market - CORRECT ANSWER...

Champions School Of Real Estate – FINANCE Exam || Complete Questions & Answers (Graded A+) Champions School Of Real Estate – FINANCE Exam || Complete Questions & Answers (Graded A+) The process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower are _____. - ANSWER - Origination activities The process of evaluating a borrower's loan application to determine the risk involved for the lender is - ANSWER - Underwriting Which of the ...

What law prohibits a lender from requiring mortgage insurance through any agent or company? Anti - coercion law Who supervises all activities of the OFR? The director What are examples of prohibited practices under Chapter 494? Mostly fraud related activities Who can a fee or commission related to a mortgage loan transaction be paid to under chapter 393? Mortgage broker Mortgage lender A person exempt from licensure under the law. What disclosures need to be pro...

A market for the purchase and sale of existing mortgages designed to provide greater liquidity for selling mortgages is called the ________. secondary market The Federal agency established to restore Fannie Mae and Freddie Mac to a sound and solvent financial condition is _____. Federal Housing Finance Agency (FHFA) The ____ guarantee allows mortgage lenders to obtain a better price for their loan in the capital markets. Gov't. National Mortgage Association - Ginnie Mae ...

appraisal - value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) - The percentage of value or sales price that a lender is willing to finance. limited appraisal report - exterior only/drive by inspection. deemed as low risk loan highest and best use of property - legal use that gives the greatest return Principal of Contribution - cost does not equal value Residential Mortgage Loan Originators (RMLO) - Must be certified licenc...

appraisal CORRECT ANSWER value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) CORRECT ANSWER The percentage of value or sales price that a lender is willing to finance. limited appraisal report CORRECT ANSWER exterior only/drive by inspection. deemed as low risk loan highest and best use of property CORRECT ANSWER legal use that gives the greatest return Principal of Contribution CORRECT ANSWER cost does not equal value ...

Loan-to-Value Ratio (LTV) - correct 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 - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers more than one piece of property. Wraparound Mortgage - c...

Champions Principles of Real Estate 2 Exam Questions with Correct Answers appraisal - ANSWER value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) - ANSWER The percentage of value or sales price that a lender is willing to finance. limited appraisal report - ANSWER exterior only/drive by inspection. deemed as low risk loan highest and best use of property - ANSWER legal use that gives the gre...

20-HR SAFE Comprehensive Mortgage Loan Originator Fundamentals HW written Exam Questions and Answers Mortgage loan originators who make cold calls must comply with the requirements of the National Do-Not-Call rules. The loan originator needs to update any download of the registry at least every:

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 U...