CH.32 Mortgage Brokerage
all of the following are loan servicing duties EXCEPT for
a. collecting payments
b. tax record preparation
c. loan analysis
d. title search - correct answer ✔✔title search
Loans that are more than the bank funding criteria limits are called
a. fully amortized loans
b. nonconforming loans
c. adjustable rate loans
d. construction loans - correct answer ✔✔nonconforming loans
in the process of obtaining a loan, a mortgage broker does not typically act in which capacity?
a. loan originator
b. loan negotiator
c. funds provider
d. loan processor - correct answer ✔✔funds provider
When is a loan nonconforming?
a. the borrower locks in a low interest rate
b. the loan is negotiated by a mortgage broker
c. the loan is originated by a mortgage banker
d. the loan does not follow federal reserve bank criteria for funding - correct answer ✔✔the loan does
not follow federal reserve bank criteria for funding
a mortgage banking company must have a ______ line of credit to do business in NY
all of the following are loan servicing duties EXCEPT for
a. collecting payments
b. tax record preparation
c. loan analysis
d. title search - correct answer ✔✔title search
Loans that are more than the bank funding criteria limits are called
a. fully amortized loans
b. nonconforming loans
c. adjustable rate loans
d. construction loans - correct answer ✔✔nonconforming loans
in the process of obtaining a loan, a mortgage broker does not typically act in which capacity?
a. loan originator
b. loan negotiator
c. funds provider
d. loan processor - correct answer ✔✔funds provider
When is a loan nonconforming?
a. the borrower locks in a low interest rate
b. the loan is negotiated by a mortgage broker
c. the loan is originated by a mortgage banker
d. the loan does not follow federal reserve bank criteria for funding - correct answer ✔✔the loan does
not follow federal reserve bank criteria for funding
a mortgage banking company must have a ______ line of credit to do business in NY
