Ch 7: Mortgage Brokerage
a borrower may obtain a ________ to ensure a certain interest rate for a specified time - correct answer
✔✔rate lock
a person or company who registers with the NYSDFS to negotiate mortgage loans for others is a ______.
A person or company who makes residential mortgage loans is called a _______ - correct answer
✔✔mortgage broker; mortgage banker
a letter given to a borrower stating that the lender will probably loan the borrower a specific mortgage
amount - correct answer ✔✔preapproval
a statement by a lending institution that assures the purchase that the lender will loan a certain amount
of money is a - correct answer ✔✔mortgage committment
a mortgage broker fee may be in the form of - correct answer ✔✔lender rebate
in NY an individual who is sponsored by a registered mortgage broker and is licensed to negotiate
residential mortgage loans is a - correct answer ✔✔mortgage loan originator
a company registered in NY to receive residential mortgage loan payments from a borrower is a - correct
answer ✔✔mortgage loan servicer
the NYS dept of state licenses: - correct answer ✔✔apartment information vendors, appraisers, home
inspectors (NOT mortgage bankers)
an application for a mortgage broker registration must submit a surety bond with the application for -
correct answer ✔✔$10,000
a loan is said to be nonconforming when - correct answer ✔✔it does not conform to fannie mae
guidelines for conforming loans
a borrower may obtain a ________ to ensure a certain interest rate for a specified time - correct answer
✔✔rate lock
a person or company who registers with the NYSDFS to negotiate mortgage loans for others is a ______.
A person or company who makes residential mortgage loans is called a _______ - correct answer
✔✔mortgage broker; mortgage banker
a letter given to a borrower stating that the lender will probably loan the borrower a specific mortgage
amount - correct answer ✔✔preapproval
a statement by a lending institution that assures the purchase that the lender will loan a certain amount
of money is a - correct answer ✔✔mortgage committment
a mortgage broker fee may be in the form of - correct answer ✔✔lender rebate
in NY an individual who is sponsored by a registered mortgage broker and is licensed to negotiate
residential mortgage loans is a - correct answer ✔✔mortgage loan originator
a company registered in NY to receive residential mortgage loan payments from a borrower is a - correct
answer ✔✔mortgage loan servicer
the NYS dept of state licenses: - correct answer ✔✔apartment information vendors, appraisers, home
inspectors (NOT mortgage bankers)
an application for a mortgage broker registration must submit a surety bond with the application for -
correct answer ✔✔$10,000
a loan is said to be nonconforming when - correct answer ✔✔it does not conform to fannie mae
guidelines for conforming loans
