Champions Real Estate Finance (Questions And Answers) 2024

Champions Real Estate Finance (Questions And Answers) 2024 mortgage Broker - CORRECT ANSWER-Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - CORRECT ANSWER-Provide their own funds for the purpose of providing mortgage financing Correspondent Lender - CORRECT ANSWER-Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - CORRECT ANSWER-The process of creating a new mortgage loan Underwriting - CORRECT ANSWER-Detailed process of evaluating a borrowers loan application to determine the risk involved for the lender Closing/Settlement - CORRECT ANSWER-Consummation of a contractual real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are then distributed by the lender Funding - CORRECT ANSWER-The process of transferring funds into a title or escrow company for disbursement Housing and Economic Recovery Act of 2008 (HERA) - CORRECT ANSWER-Designed to assist with recovery and revitalization of America's residential housing market SAFE Act (Secure & Fair Enforement of Mortgage Licensing Act) - CORRECT ANSWER-Sets a minimum standard for licensing and registering mortgage loan originators. M1 - CORRECT ANSWER-Sum of currency held by the public and transaction deposits at depository institutions M2 - CORRECT ANSWER-M1 plus savings accounts, certificates of deposit, and other liquid assets monetary policy - CORRECT ANSWER-Maintenance of a stable money supply that provides for growth in the economy while keeping inflation in check. Federal reserve is responsible for monetary policy