Ch. 32 - Mortgage Brokerage Flashcards
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.
mortgage broker
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.
2 years
A person, corporation or firm licensed by the New York Banking Department to make residential mortgage loans.
Mortgage Banker
What kind of credit line must mortgage banker applicants have?
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.
How do mortgage brokering and mortgage banking differ with regard to loan servicing?
Most mortgage companies get their income from doing loan origination and servicing those loans. Mortgage brokers originate loans but do not service them.
The following are components of ______ .
The loan program
The interest rate
Points
Length of the lock
Rate lock