Real Estate Finance Champions 2024 Final Test With Verified Answers

Real Estate Finance Champions 2024 Final Test With Verified Answers Origination - CORRECT 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: - CORRECT ANSWER-Experian, Equifax, and TransUnion Not all creditors will report to all three, they will - CORRECT ANSWER-Each reporting agency will report a different credit score for the borrower Underwriting - CORRECT ANSWER-The detailed process of evaluating a borrower's loan application to determine the risk involved for lender Fiscal Policy - CORRECT ANSWER-Which relates to Federal Government spending. Government spending is approved by the U.S. Congress The Federal Reserve: 1913 - CORRECT ANSWER-Is a central banking system of the US Federal Fair Housing Statues - CORRECT ANSWER-Prohibit housing discrimination based on race, color, national origin, sex, religion, families with children, and disabilities All residential mortgage loan originators must be registered with - CORRECT ANSWER-the Nationwide Mortgage Licensing System and Registry (NMLSR) Texas Department of Housing and Affairs (TDHCA) - CORRECT ANSWER-An agency responsible for affordable housing, housing related and community service programs, and the regulation of the state's manufactured housing industry Yield - CORRECT ANSWER-The return that represents the money earned on an investment The two major purchasers of mortgages in the secondary market are: - CORRECT ANSWER-Fannie Mae and Freddie Mac Freddie Mac - CORRECT ANSWER-Is a federally chartered corporation established as the Federal Home Loan Mortgage Corporation (FHLMC) in 197 for the purpose of purchasing mortgages in the secondary market Primary Market - CORRECT ANSWER-Where borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction Commercial banks are active in _________. While the majority of their loans are sold in the ________, many of them are retained as ________. - CORRECT ANSWERResidential mortgage lending, secondary market, portfolio loans Credit unions are: - CORRECT ANSWER-Non-for-profit organizations that exist to serve their members. They accept deposits and make loans Credit Unions focus: - CORRECT ANSWER-On providing a safe place to