Real Estate Finance Chapter Quiz Exam with Accurate Answers

Loan processing - ANSWER-The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision. Underwriting - ANSWER-The process of evaluating a borrower's loan application to determine the risk involved for the lender. Funding - ANSWER-The process of transferring funds to a title or escrow company for disbursement. Servicing - ANSWER-Sending monthly payment statements and collecting monthly payments, maintaining payment records and following up on delinquencies. Origination - ANSWER-The process of creating a new mortgage loan. When was FHA created? - 1929 - 1934 - 1912 - 2008 - ANSWER-- 1934 Who funds the FHA? - The American tax payers - The FED - Fannie Mae - The FHA funds itself - ANSWER-The FHA funds itself