Ch. 32 - Mortgage Brokerage Flashcards

1
Q

A ______ is a person registered by the New York State Banking Department who engages in the business of soliciting, processing, placing or negotiating mortgage loans for others.

A

mortgage broker

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2
Q

A mortgage broker must have a minimum of __ years of credit analysis or underwriting experience with an exempt organization, mortgage banker, mortgage broker or licensed lender.

A

2 years

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3
Q

A person, corporation or firm licensed by the New York Banking Department to make residential mortgage loans.

A

Mortgage Banker

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4
Q

What kind of credit line must mortgage banker applicants have?

A

An existing line of credit of at least $1 million provided by a banking institution, an insurance company or a similar credit facility approved by the Superintendent of Banking.

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5
Q

How do mortgage brokering and mortgage banking differ with regard to loan servicing?

A

Most mortgage companies get their income from doing loan origination and servicing those loans. Mortgage brokers originate loans but do not service them.

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6
Q

The following are components of ______ .

The loan program
The interest rate
Points
Length of the lock

A

Rate lock

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