2024|Champions real estate finance |2024-2025 most recent version|Com prehens
questions and verified answers/accurate solutions|Already graded A+|Get it 100% correc
1. mortgage Broker: Functions as a middleman between the borrower and the
lender, negotiating, selling or arranging loans to be delivered to large investors
2. Mortgage Banker: Provide their own funds for the purpose of providing
mortgage financing
3. Correspondent Lender: Smaller in scale then mortgage bankers or brokers,
these lenders typically extended loans with their own funds at their own risk
4. Origination: The process of creating a new mortgage loan
5. Underwriting: Detailed process of evaluating a borrowers loan application to
determine the risk involved for the lender
6. Closing/Settlement: 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
7. Funding: The process of transferring funds into a title or escrow company for
disbursement
8. Housing and Economic Recovery Act of 2008 (HERA): Designed to assist
with recovery and revitalization of America's residential housing market
9. SAFE Act (Secure & Fair Enforement of Mortgage Licensing Act): Sets a
minimum standard for licensing and registering mortgage loan originators.
10. M1: Sum of currency held by the public and transaction deposits at
depository institutions
11. M2: M1 plus savings accounts, certificates of deposit, and other liquid assets
12. monetary policy: 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
13. fiscal policy: Federal government spending.
14. The Federal Reserve: The central banking system of the United States
15. Monetary inflation: Excess of money supply in the market
16. discount rate: Interest rate a Reserve Bank charges eligible financial
institutions to borrow funds on a short term basis.
17. federal funds rate: 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
18. US Treasury: Primarily responsible for raising funds to finance the operations
of the US government. Management of fiscal policy
1/8
, 2024|Champions real estate finance |2024-2025 most recent version|Com prehens
questions and verified answers/accurate solutions|Already graded A+|Get it 100% correc
.
19. Office of the Comptroller of the Currency (OCC): charters and regulates
national banks
20 US Mint: Make US coins
21. Department of housing and urban development (HUD 1965): Create strong
sustainable inclusive communities and quality affordable homes.
22. The Federal Housing Administration (FHA): Provides mortgage loans made
by FHA approved lenders through the United States and its territories
23. Community Development Block Grant (CDBG): Help communities with
economic development, Job opportunities and housing rehabilitation
24. Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010: -
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
25. Consumer Financial Protection Bureau (CFPB): Examine and enforce
consumer protection regulations for all mortgage related business. Established
under Dodd-Frank
26. Community Reinvestment Act: A law requiring lenders to meet the needs of
the community in which they are charted to do business.
27. Redlining: a practice in which banks refuse to make loans to people living in
certain geographic locations
28. Equal Credit Opportunity Act (ECOA) 1974: Ensures all consumers are
given an equal chance to obtain credit
29. Secondary mortgages: Second dairy Lien or junior liens
30. home equity loan: using your home as collateral to borrow money
31. home improvement loan: Can hold 1st or 2nd lien position devoted to home
repairs and renovations
32. Property tax lien lenders: Used to pay delinquent taxes on real property
33. Texas veterans land loan: Borrow up to $125,000 5% down
34. secondary market: For the purchase and sale of existing mortgages
investors 35. Fannie Mae: A private institution in the secondary mortgage
market that buys and sells mortgages. 1968
36. Freddie Mac: Federal Home Loan Mortgage Corporation 1970
37. Ginnie Mae: Government-backed securities program designed to facilitate the
flow of capital into the housing industry 1968
2/8
questions and verified answers/accurate solutions|Already graded A+|Get it 100% correc
1. mortgage Broker: Functions as a middleman between the borrower and the
lender, negotiating, selling or arranging loans to be delivered to large investors
2. Mortgage Banker: Provide their own funds for the purpose of providing
mortgage financing
3. Correspondent Lender: Smaller in scale then mortgage bankers or brokers,
these lenders typically extended loans with their own funds at their own risk
4. Origination: The process of creating a new mortgage loan
5. Underwriting: Detailed process of evaluating a borrowers loan application to
determine the risk involved for the lender
6. Closing/Settlement: 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
7. Funding: The process of transferring funds into a title or escrow company for
disbursement
8. Housing and Economic Recovery Act of 2008 (HERA): Designed to assist
with recovery and revitalization of America's residential housing market
9. SAFE Act (Secure & Fair Enforement of Mortgage Licensing Act): Sets a
minimum standard for licensing and registering mortgage loan originators.
10. M1: Sum of currency held by the public and transaction deposits at
depository institutions
11. M2: M1 plus savings accounts, certificates of deposit, and other liquid assets
12. monetary policy: 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
13. fiscal policy: Federal government spending.
14. The Federal Reserve: The central banking system of the United States
15. Monetary inflation: Excess of money supply in the market
16. discount rate: Interest rate a Reserve Bank charges eligible financial
institutions to borrow funds on a short term basis.
17. federal funds rate: 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
18. US Treasury: Primarily responsible for raising funds to finance the operations
of the US government. Management of fiscal policy
1/8
, 2024|Champions real estate finance |2024-2025 most recent version|Com prehens
questions and verified answers/accurate solutions|Already graded A+|Get it 100% correc
.
19. Office of the Comptroller of the Currency (OCC): charters and regulates
national banks
20 US Mint: Make US coins
21. Department of housing and urban development (HUD 1965): Create strong
sustainable inclusive communities and quality affordable homes.
22. The Federal Housing Administration (FHA): Provides mortgage loans made
by FHA approved lenders through the United States and its territories
23. Community Development Block Grant (CDBG): Help communities with
economic development, Job opportunities and housing rehabilitation
24. Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010: -
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
25. Consumer Financial Protection Bureau (CFPB): Examine and enforce
consumer protection regulations for all mortgage related business. Established
under Dodd-Frank
26. Community Reinvestment Act: A law requiring lenders to meet the needs of
the community in which they are charted to do business.
27. Redlining: a practice in which banks refuse to make loans to people living in
certain geographic locations
28. Equal Credit Opportunity Act (ECOA) 1974: Ensures all consumers are
given an equal chance to obtain credit
29. Secondary mortgages: Second dairy Lien or junior liens
30. home equity loan: using your home as collateral to borrow money
31. home improvement loan: Can hold 1st or 2nd lien position devoted to home
repairs and renovations
32. Property tax lien lenders: Used to pay delinquent taxes on real property
33. Texas veterans land loan: Borrow up to $125,000 5% down
34. secondary market: For the purchase and sale of existing mortgages
investors 35. Fannie Mae: A private institution in the secondary mortgage
market that buys and sells mortgages. 1968
36. Freddie Mac: Federal Home Loan Mortgage Corporation 1970
37. Ginnie Mae: Government-backed securities program designed to facilitate the
flow of capital into the housing industry 1968
2/8
