Real Estate Finance study set chapters 1-6 Exam Questions With complete solutions

Define Origination - ANSWER-THE PROCESS OF CREATING A NEW LOAN, INCLUDING ALL STEPS TAKEN BY THE LENDER TO ATTRACT AND QUALIFY A BORROWER. Define mortgage broker - ANSWER-MORTGAGE BROKERS WORK AS THE MIDDLEMAN, BRINGING THE LENDER AND THE BORROWER TOGETHER IN A LOAN PROGRAM THAT MEETS THE BORROWER'S NEEDS Define underwriting - ANSWER-THE DETAILED PROCESS OF EVALUATING THE BORROWER'S APPLICATION, DETERMINING THE RISK INVOLVED IN LENDING THE BORROWER THE MONEY AND EITHER APPROVING OR DENYING THE LOAN. What does the OCC (office of the comptroller of the currency) do? - ANSWER-CHARTERS, REGULATES AND SUPERVISES ALL NATIONAL BANKS AND SAVINGS ASSOCIATIONS FDIC insured deposits in banks and thrift institutions for up to what amount? - ANSWER-FDIC INSURES DEPOSITS IN BANKS AND THRIFT INSTITUTIONS UP TO $250,000 What are the primary programs administered by HUD? - ANSWER-FHA MORTGAGE INSURANCE PROGRAM, SECTION 8 RENTAL ASSISTANCE PROGRAM, PUBLIC OR SUBSIDIZED HOUSING PROGRAMS, FAIR HOUSING PUBLIC EDUCATION AND ENFORCEMENT, GINNIE MAE. What categories of discrimination does the federal fair housing laws protect against? - ANSWER-DISCRIMINATION BASED ON RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, FAMILIES WITH CHILDREN AND HANDICAPPED STATUS FRESHCORN