Champions RE - Finance Exam Questions & Answers 100% verified

3 major credit reporting agencies - ANSWER-Experian, Equifax, TransUnion Origination - ANSWER-Process of creating a new mortgage loan, including all steps by a lender to attract and qualify a borrower. Loan Processing - ANSWER-Building a file that will be used to make an underwriting decision Underwriting - ANSWER-The process of evaluating a borrower's loan application to determine risk; in-depth analysis of borrower's credit history. Closing - ANSWER-Consummation of a contractual real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage are disbursed; a settlement Funding - ANSWER-The process of transferring funds to a title or escrow company for disbursement Servicing - ANSWER-The process of collecting payments, keeping records, and handling defaults for loans. Most significant tax benefits include: - ANSWER-Exemptions from capital gains tax on the sale of a primary residence; must have been primary residence for 2 of previous 5 years. Monetary policy - ANSWER-Maintenance of a stable money supply that provides for growth in the economy while keeping inflation in check. Monetary policy - ANSWER-Policy that deals with interest rates and the supply of money in the US economy.