Real Estate Finance 1 - Texas, Champions School Of Real Estate – Finance 2024 Latest

Real Estate Finance 1 - Texas, Champions School Of Real Estate – Finance 2024 Latest Loan Processing - CORRECT ANSWER-The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision. Underwriting - CORRECT ANSWER-The process of evaluating a borrowers loan application to determine the risk involved for the lender. Funding - CORRECT ANSWER-The process of transferring funds to a title or escrow company for disbursement. Servicing - CORRECT ANSWER-Sending monthly payment statements and collecting monthly payments, maintaining payment records and following up on delinquencies. Origination - CORRECT ANSWER-The process of creating a new mortgage loan. Character - CORRECT ANSWER-A measure of the willingness of a borrower to make on-time payments. Credit character is resealed in the borrowers credit report. Capacity - CORRECT ANSWER-A measure of the borrowers ability to repay the debt, and is demonstrated through current earnings and job stability. Capital - CORRECT ANSWER-The sum of all assets that the borrower has accumulated. When was the FHA created? a. 1929 b. 1934 c. 1912 d. 2008 - CORRECT ANSWER-B Who funds the FHA? a. The American tax payers b. The FED c. Fannie Mae d. The FHA funds itself - CORRECT ANSWER-D How long is the lifespan of a $20 bill? a. more than 15 years b. less than 10 years c. less than 5 years d. more than 10 years - CORRECT ANSWER-B What is the prime rate? a. The interest rate that is determine by the President b. The interest rate that is determine by Congress c. The interest rate that is determine by individual banks d. The interest rate that is determine by the Federal Reserve - CORRECT ANSWER-C Who provides VA home loans? a. private lenders b. FHA c. The VA itself d. All of these - CORRECT ANSWER-A The Single Family Housing Direct Home Loan is also known as