first-time homebuyer - Correct Answers Someone who has never owned a home
Move-up homebuyer - Correct Answers Currently owns, or has previously owned a home and is looking
to move up in price, location, size, etc.
Relocation Homebuyer - Correct Answers Purchasing a new home in a different city or state due to job
transfer or personal desire
Affluent homebuyer - Correct Answers Well seasoned in home buying process. Knowledgeable,
financially savvy, busy.
Empty-nester homebuyer - Correct Answers Experienced homebuyers looking to downsize due to age
and no dependent children.
Investor homebuyer - Correct Answers Well seasoned and knowledgeable about mortgage process.
Rate sensitive, smarter, potentially impatient and time sensitive. Looking to close as quickly as possible.
End lender in mortgage banking - Correct Answers correspondent lender
End lender in mortgage brokering - Correct Answers wholesale lender
Correspondent lenders - Correct Answers purchase closed loans from banks and mortgage bankers.
Warehouse line of credit.
Wholesale lenders - Correct Answers Table fund at closing. All closing docs in name of wholesale lender.
Fannie Mae (FNMA) - Correct Answers Federal National Mortgage Association
Freddie Mac (FHLMC) - Correct Answers Federal Home Loan Mortgage Corporation
, FHA - Correct Answers Federal Housing Administration
VA - Correct Answers Veteran's Administration
Non-agency loans - Correct Answers Comprise any loans not made by the 4 lending agencies
Conforming loans - Correct Answers Any agency loan
Jumbo loan - Correct Answers Any conventional loan that is in excess of the loan limits set by Fannie
Mae and Freddie Mac. All jumbo loans are, by definition, nonconforming; the reverse, however, is not
true.
Conventional - Correct Answers A loan NOT insured by FHA or VA
Non-conforming - Correct Answers Any loan that does NOT conform to Freddie Mac or Fannie Mae
guidelines
URLA - Correct Answers Uniform residential loan application. 1003.
Construction loan - Correct Answers A short-term, interim loan for financing the cost of construction.
The lender makes payments to the builder at periodic intervals as the work progresses.
Construction-permanent loan - Correct Answers Same as Construction loan except that long-term
financing replaces the interim financing upon home completion.
Primary residence (owner-occupied, principal residence) - Correct Answers Residence that the owner
physically occupies
Secondary residence (second home) - Correct Answers Property purchased for occupancy but not
considered primary residence. Such as a vacation home.
Move-up homebuyer - Correct Answers Currently owns, or has previously owned a home and is looking
to move up in price, location, size, etc.
Relocation Homebuyer - Correct Answers Purchasing a new home in a different city or state due to job
transfer or personal desire
Affluent homebuyer - Correct Answers Well seasoned in home buying process. Knowledgeable,
financially savvy, busy.
Empty-nester homebuyer - Correct Answers Experienced homebuyers looking to downsize due to age
and no dependent children.
Investor homebuyer - Correct Answers Well seasoned and knowledgeable about mortgage process.
Rate sensitive, smarter, potentially impatient and time sensitive. Looking to close as quickly as possible.
End lender in mortgage banking - Correct Answers correspondent lender
End lender in mortgage brokering - Correct Answers wholesale lender
Correspondent lenders - Correct Answers purchase closed loans from banks and mortgage bankers.
Warehouse line of credit.
Wholesale lenders - Correct Answers Table fund at closing. All closing docs in name of wholesale lender.
Fannie Mae (FNMA) - Correct Answers Federal National Mortgage Association
Freddie Mac (FHLMC) - Correct Answers Federal Home Loan Mortgage Corporation
, FHA - Correct Answers Federal Housing Administration
VA - Correct Answers Veteran's Administration
Non-agency loans - Correct Answers Comprise any loans not made by the 4 lending agencies
Conforming loans - Correct Answers Any agency loan
Jumbo loan - Correct Answers Any conventional loan that is in excess of the loan limits set by Fannie
Mae and Freddie Mac. All jumbo loans are, by definition, nonconforming; the reverse, however, is not
true.
Conventional - Correct Answers A loan NOT insured by FHA or VA
Non-conforming - Correct Answers Any loan that does NOT conform to Freddie Mac or Fannie Mae
guidelines
URLA - Correct Answers Uniform residential loan application. 1003.
Construction loan - Correct Answers A short-term, interim loan for financing the cost of construction.
The lender makes payments to the builder at periodic intervals as the work progresses.
Construction-permanent loan - Correct Answers Same as Construction loan except that long-term
financing replaces the interim financing upon home completion.
Primary residence (owner-occupied, principal residence) - Correct Answers Residence that the owner
physically occupies
Secondary residence (second home) - Correct Answers Property purchased for occupancy but not
considered primary residence. Such as a vacation home.
