Real Estate Finance Champions Exam Questions with complete solutions

Origination - ANSWER-The process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower Credit reports will be ordered, in most cases from all three major national credit reporting agencies: - ANSWER-Experian, Equifax, and TransUnion Not all creditors will report to all three, they will - ANSWER-Each reporting agency will report a different credit score for the borrower Underwriting - ANSWER-The detailed process of evaluating a borrower's loan application to determine the risk involved for lender Fiscal Policy - ANSWER-Which relates to Federal Government spending. Government spending is approved by the U.S. Congress The Federal Reserve: 1913 - ANSWER-Is a central banking system of the US Federal Fair Housing Statues - ANSWER-Prohibit housing discrimination based on race, color, national origin, sex, religion, families with children, and disabilities All residential mortgage loan originators must be registered with - ANSWER-the Nationwide Mortgage Licensing System and Registry (NMLSR) Texas Department of Housing and Affairs (TDHCA) - ANSWER-An agency responsible for affordable housing, housing related and community service programs, and the regulation of the state's manufactured housing industry Yield - ANSWER-The return that represents the money earned on an investment