Real Estate Finance Practice exam Questions And Answers Graded 100% Correct!!

Real Estate Finance Practice exam Questions And Answers Graded 100% Correct!! A __________ is a permanent change in one or more of the terms of a borrower's loan. Loan Qualification Loan Modification Loan Approval Loan Origination Loan Modification What time period must borrowers have in job history with the same employer to qualify? 2 months 6 months 1 year 2 years 2 years Unscrupulous actions carried out by a lender to entice, induce and/or assist a borrower in taking a mortgage that carries high fees, a high interest rate, strips the borrower of equity, or places the borrower in a lower credit rated loan to benefit the lender. Predatory lending Sub prime Mortgage Participation Agreement Fraud Predatory lending Why do lender care about unpaid taxes? They want to ensure your mortgage payment is not late It makes the loan difficult to sell in the secondary market Unpaid property taxes are a superior lien to the right of the lender Lenders don't care about unpaid taxes Unpaid property taxes are a superior lien to the right of the lender A burden, obstruction, or impediment on the property that lessens its value or makes it less marketable. Lien Interest Encumbrance Mortgage Encumbrance Which party is not included on the deed of trust? Mortgagor Mortgagee Trustor Trustee Trustor The mortgage or deed of trust will contain ___________ that permits the lender to demand that the entire balance of the loan be repaid if the borrower defaults. Due on sale clause Acceleration clause Alienation clause Balloon clause Acceleration clause One of the largest buyers of securities is _________. Credit Unions Pension Funds China American Public Pension Funds A company or individual that originates mortgage loans and sells them to investors, while taking care of borrowers loan payments, records, taxes, and insurance. Mortgage Bankers Mortgage Brokers Loan Originators Secondary Market Mortgage Bankers The largest buyer of residential mortgages in the United States today. FHLMC GNMA Banks FNMA FNMA Provides cash advances to members, including community banks, thrifts, credit unions and community development financial institutions. FNMA FHLMC FHLB Banks FNMA Loan amount is $337,500. Down payment is $37,500. What is the LTV? 10% 11% 90% 91% 90% The market where borrowers and mortgage originators come together to negotiate terms and effectuate mortgage transactions. Money market Primary market Secondary market Origination market Primary market A collaboration among lenders to share in a loan too big to handle for any one of them. Participation loan Collaboration loan Shared loan Co-Operation loan Next question Participation loan The lender or the mortgage broker must provide a GFE within ____________ of receiving the application or other required information. 24 hours 3 days One business day 3 business days 3 business days A ___________ is a form that lists basic information about the terms of a mortgage loan for which the consumer applied. HUD-1 Deed of Trust Closing Statement GFE GFE _____________ serves as a financial and administration resources that helps provide essential services and affordable housing opportunities to Texans who qualify for this assistance based on their income level. USDA FHA TDHCA CFPB TDHC