Champions real estate finance Exam Questions with Verified Answers

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