Champions real estate finance Exam 2024 Questions And Answers 1oo% Correct!

mortgage Broker - ANSWERFunctions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - ANSWERProvide their own funds for the purpose of providing mortgage financing Correspondent Lender - ANSWERSmaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - ANSWERThe process of creating a new mortgage loan Underwriting - ANSWERDetailed process of evaluating a borrowers loan application to determine the risk involved for the lender Closing/Settlement - ANSWERConsummation 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 - ANSWERThe process of transferring funds into a title or escrow company for disbursement Housing and Economic Recovery Act of 2008 (HERA) - ANSWERDesigned to assist with recovery and revitalization of America's residential housing market SAFE Act (Secure & Fair Enforement of Mortgage Licensing Act) - ANSWERSets a minimum standard for licensing and registering mortgage loan originators. M1 - ANSWERSum of currency held by the public and transaction deposits at depository institutions M2 - ANSWERM1 plus savings accounts, certificates of deposit, and other liquid assets monetary policy - ANSWERMaintenance 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 - ANSWERFederal government spending. The Federal Reserve - ANSWERThe central banking system of the United States Monetary inflation - ANSWERExcess of money supply in the market discount rate - ANSWERInterest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short term basis. federal funds rate - ANSWERIs 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 - ANSWERPrimarily responsible for raising funds to finance the operations of the US government. Management of fiscal policy Office of the Comptroller of the Currency (OCC) - ANSWERcharters and regulates national banks US Mint - ANSWERMake US coins Department of housing and urban development (HUD 1965) - ANSWERCreate strong sustainable inclusive communities and quality affordable homes. The Federal Housing Administration (FHA) - ANSWERProvides mortgage loans made by FHA approved lenders through the United States and its territories Community Development Block Grant (CDBG) - ANSWERHelp communities with economic development, Job opportunities and housing rehabilitation Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 - ANSWERPromote 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) - ANSWERExamine and enforce co