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Real Estate > Finance > Flashcards

Finance Flashcards

1
Q

Freddie Mac is a federally chartered corporation as the Federal Home Loan Mortgage Corporation (FHLMC) established in what year?

A

1970

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2
Q

The Federal National Mortgage Association (FNMA) known as the Fannie Mae began on what year?

A

1938

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3
Q

The Government National Mortgage Association (GNMA) or Ginnie Mae was established when?

A

1968

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4
Q

Loans originated to adhere to Fannie Mae, Freddie Mac, Ginne Mae requirements for purchase are called _____.

A

Conforming loans

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5
Q

The market where borrowers and mortgage lenders come together to create and negotiate terms of a mortgage transaction is called ______.

A

Primary Market

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6
Q

Examples of the primary market lenders are:

A

savings
loans
commercial banks
mutual savings banks
mortgage companies
credit unions
individuals
any person or business that provides cash for someone seeking a mortgage.

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7
Q

Bonds

A

an instrument of corporate or governmental debt

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8
Q

Mortgage brokers

A

typically specialize as middlemen between borrowers and lenders

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9
Q

Correspondent lender

A

Someone who processes, underwrites, closes and funds their own files in their name and then sells the loans to other mortgage lenders

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10
Q

Mortgage loan originators can be broken down into three categories:

A

Mortgage Bankers
Mortgage Brokers
Correspondent Lenders

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11
Q

Government Bonds are also known as _______

A

municipal bonds

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12
Q

The ______ mortgage market is made up of the businesses that lend to borrowers for the purchase of real estate.

A

Primary

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13
Q

A ______ is a person, corporation, or firm not otherwise in banking that provides its own funds for mortgage financing purposes.

A

mortgage banker

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14
Q

Which act increased the insurance coverage on all federally insured credit union accounts up to $250,000.

A

Dodd-Frank Wall Street Reform Act

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15
Q

Define encumbrance

A

A claim, lien, charge, or liability attached to and binding real property.

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16
Q

define lien

A

a right given by law to certain creditors to have debts paid out of the property of a defaulting debtor, usually through a court sale.

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17
Q

A mortgage is

A

a pledge of real estate as security for repayment of a debt.

18
Q

A borrower is

A

known as the mortgagor

19
Q

The lender

A

is known as a mortgagee

20
Q

portfolio

A

not sold in the secondary market.

21
Q

Deficiency Judgment

A

the unpaid balance of a foreclosed mortgage, payable by court order

22
Q

Foreclosure

A

Legal procedure by which secured properly may be sold to satisfy an unpaid note

23
Q

A promissory note is also known as _________.

A

the note

24
Q

Any excess money left over from sale is given to the

A

debtor

25
Q

Power of Sale

A

This type of foreclosure, also known as statutory foreclosure

26
Q

Judicial Foreclosure

A

the lender files suit with the judicial system

27
Q

Federal Housing ACT

A

statutes prohibits housing discrimination based on race, color, national origin, sex, religion, families with children and disabilities

28
Q

HUD enforces what programs:

A

FHACT

29
Q

Foreclosure is also know as ______.

A

force sale

30
Q

Any excess money left over from the foreclosure/forces sale is given to the

A

debtor

31
Q

Redlining

A

the practice of refusing to provide financing in particular area because of the location.

32
Q

RMLOs

A

Residential mortgage loan originators

33
Q

RMLOs must be registered with the _______.

A

National Mortgage Licensing System and Registry (NMLSR)

34
Q

NMLSR

A

National Mortgage Licensing System and Registry

35
Q

Federal Fair Housing ACT (FHACT)

A

Prohibit housing discrimination based on race, color, national origin, sex, religion, families with children, and disabilities.

36
Q

All residential mortgage loan originators (RMLO) must be registered with what agency?

A

National Mortgage Licensing System and Registry (NMLSR)

37
Q

Texas Department of Housing and Community Affairs (TDHCA)

A

is an agency responsible for affordable housing.

38
Q

Texas Veterans Land Board (VLB)

A

the Veteran must have been honorably discharged.

39
Q

Housing Assistance Program

A

Veteran, military members, and their surviving spouses may receive up to $424,100.

40
Q

Closing Disclosure Form

A

The creditor must ensure must that the consumer receives the Closing Disclosure Form at least three business days before the consumer closes the loan

Real Estate (6 decks)

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