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REAL ESTATE FINANCE CHAMPIONS NEWEST 2024-
2025 COMPLETE 200 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
The Community Reinvestment Act, enacted in _____ ensures that banks serve the needs of the community in which they were chartered - ANSWER- 1977
Secondary Mortgage Market - ANSWER- Encompasses the purchase and sale of existing mortgages to investors
Disintermediation - ANSWER- the act of moving funds from one investment arena to another
REMIC - ANSWER- holds mortgages in trust for the benefit of investors
Conforming Loan - ANSWER- Adheres to Fannie Mae and Freddie Mac requirement for purchase of a mortgage
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Yield - ANSWER- return on an investment
Redlining - ANSWER- The practice of refusing to provide financing in a particular area because of location
SML - ANSWER- Responsible for the chartering, regulation and supervision of Texas thrift industry
TDHCA - ANSWER- Responsible for the regulation of the Texas manufactured housing industry
SAFE Act - ANSWER- Designed to enhance consumer protection and reduce fraud
RMLO - ANSWER- The industry term for residential loan originators, as mandated by the SAFE act
Monetary policy - ANSWER- policy that deals with interest rates and the supply of money in the US economy
Fiscal Policy - ANSWER- Relates to federal government
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Open-Market Operations - ANSWER- Buying or selling government securities by the federal reserve
Discount Rate - ANSWER- Set by the board of directors of the Federal Reserve Banks subject to approval by the Board of Governors
Loan Processing - ANSWER- The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decisions
Underwriting - ANSWER- The process of evaluating a borrowers loan application to determine the risk involved for the lender
Funding - ANSWER- The process of transferring funds to a title or escrow company for disbursement
Servicing - ANSWER- sending monthly payments statements and collecting monthly payments, maintaining payment records and following up on delinquencies
Origination - ANSWER- the process of creating a new mortgage loan 3 / 4
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A tax lien can be classified as an involuntary lien and a ______ lien - ANSWER- statutory lien
An easement for ingress and egress is known as an _______ - ANSWER- encumbrance
Which of the following types of liens is one that is freely given, usually as collateral for a loan? - ANSWER- Voluntary lien
Real Estate Owned (REO) - ANSWER- lending institution assest classification for property obtained through a foreclosure
Foreclosure - ANSWER- The legal procedure where by the secured property may be sold to satisfy the unpaid promissory note
Contract for deed - ANSWER- a sales contract in which the buyer agrees to make regular payments to the sales for equitable title
general lien - ANSWER- debt instrument attaches to all the property of the debtor not exempt from forced sale
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