Champions real estate finance Correctly Answered 2024

Champions real estate finance Correctly Answered 2024 mortgage Broker - Answer -Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - Answer -Provide their own funds for the purpose of providing mortgage financing Correspondent Lender - Answer -Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - Answer -The process of creating a new mortgage loan Underwriting - Answer -Detailed process of evaluating a borrowers loan application to determine the risk involved for the lender Closing/Settlement - Answer -Consummation of a contractual real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are then distributed by the lender Funding - Answer -The process of transferring funds into a title or escrow company for disbursement Housing and Economic Recovery Act of 2008 (HERA) - Answer -Designed to assist with recovery and revitalization of America's residential housing market SAFE Act (Secure & Fair Enforement of Mortgage Licensing Act) - Answer -Sets a minimum standard for licensing and registering mortgage loan originators. M1 - Answer -Sum of currency held by the public and transaction deposits at depository institutions M2 - Answer -M1 plus savings accounts, certificates of deposit, and other liquid assets monetary policy - Answer -Maintenance of a stable money supply that provides for growth in the economy while keeping inflation in check. Federal reserve is responsible for monetary policy fiscal policy - Answer -Federal government spending. The Federal Reserve - Answer -The central banking system of the United States Monetary inflation - Answer -Excess of money supply in the market discount rate - Answer -Interest rate a Reserve Bank charges eligible financial institutions to borrow funds on a short term al funds rate - Answer -Is the rate that the federal reserve charges banks for unsecured loans most of which are for a very short term (sometimes overnight) banks use these to meet their liquidity requirements when withdrawals threaten to exceed cash on hand US Treasury - Answer -Primarily responsible for raising funds to finance the operations of the US government. Management of fiscal policy Office of the Comptroller of the Currency (OCC) - Answer -charters and regulates national banks US Mint - Answer -Make US coins Department of housing and urban development (HUD 1965) - Answer -Create strong sustainable inclusive communities and quality affordable homes. The Federal Housing Administration (FHA) - Answer -Provides mortgage loans made by FHA approve