Champions real estate finance exam questions & answers 100% Accurate

mortgage Broker -ANSWER-Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker -ANSWER-Provide their own funds for the purpose of providing mortgage financing Correspondent Lender -ANSWER-Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination -ANSWER-The process of creating a new mortgage loan Underwriting -ANSWER-Detailed process of evaluating a borrowers loan application to determine the risk involved for the lender Closing/Settlement -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 -ANSWER-The process of transferring funds into a title or escrow company for disbursement Housing and Economic Recovery Act of 2008 (HERA) -ANSWER-Designed to assist with recovery and revitalization of America's residential housing market SAFE Act (Secure & Fair Enforement of Mortgage Licensing Act) -ANSWER-Sets a minimum standard for licensing and registering mortgage loan originators. M1 -ANSWER-Sum of currency held by the public and transaction deposits at depository institutions