Champions real estate finance Accurately Answered 2024/2025

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 - Answer -The process of creating a new mortgage loan Underwriting - Answer -Detailed process of evaluating a borrowers loan application to determine the risk involved for the lender Closing/Settlement - 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 - Answer -The process of transferring funds into a title or escrow company for disbursement Housing and Economic Recovery Act of 2008 (HERA) - Answer -Designed to assist with recovery and revitalization of America's residential housing market SAFE Act (Secure & Fair Enforement of Mortgage Licensing Act) - Answer -Sets a minimum standard for licensing and registering mortgage loan originators. M1 - Answer -Sum of currency held by the public and transaction deposits at depository institutions M2 - Answer -M1 plus savings accounts, certificates of deposit, and other liquid assets monetary policy - 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 fiscal policy - Answer -Federal government spending. The Federal Reserve - Answer -The central banking system of the United States Monetary inflation - Answer -Excess of money supply in the market discount rate - Answer -Interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short term al funds rate - Answer -Is the rate that the federal reserve charges banks for unsecured loans most of which are for a very short term (sometimes overnight) banks use these to meet their liquidity requirements when withdrawals threaten to exceed cash on hand US Treasury - Answer -Primarily responsible for raising funds to finance the operations of the US government. Management of fiscal policy Office of the Comptroller of the Currency (OCC) - Answer -charters and regulates national banks US Mint - Answer -Make US coins Department of housing and urban development (HUD 1965) - Answer -Create strong sustainable inclusive communities and quality affordable homes. The Federal Housing Administration (FHA) - Answer -Provides mortgage loans made by FHA approved lenders through the United States and its territories Community Development Block Grant (CDBG) - Answer -Help communities with economic development, Job opportunities and housing rehabilitation Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 - Answer -Promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "to big to fail" to protect the American taxpayer by ending bailouts to protect consumers from abusive financial services practices and other purposes Consumer Financial Protection Bureau (CFPB) - Answer -Examine and enforce consumer protection regulations for all mortgage related business. Established under Dodd-Frank Community Reinvestment Act - Answer -A law requiring lenders to meet the needs of the community in which they are charted to do business. Redlining - Answer -a practice in which banks refuse to make loans to people living in certain geographic locations Equal Credit Opportunity Act (ECOA) 1974 - Answer -Ensures all consumers are given an equal chance to obtain credit Secondary mortgages - Answer -Second dairy Lien or junior liens home equity loan - Answer -using your home as collateral to borrow money home improvement loan - Answer -Can hold 1st or 2nd lien position devoted to home repairs and renovations Property tax lien lenders - Answer -Used to pay delinquent taxes on real property Texas veterans land loan - Answer -Borrow up to $125,000 5% downsecondary market - Answer -For the purchase and sale of existing mortgages investors Fannie Mae - Answer -A private institution in the secondary mortgage market that buys and sells