Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
9 Cards in this Set
- Front
- Back
|
Risking |
Risking software compares the information submitted in a loan application to historical information and evaluates such factors |
|
|
Main providers of mortgage default Insurance in Canada |
Canada mortgage and housing Corporation, Genworth Financial, and Canada Guaranty mortgage insurance company |
|
|
Two types of title insurance policies |
Loan policies, which protect lenders against title of related losses Owner policies, which protect borrowers against title related losses |
|
|
Different loan policies |
Gap coverage, coverage against PRP issues |
|
|
Homeowner insurance |
Is required by the lender but paid for by the homeowner. Serves as a kind of backup protection for the lender security if the mortgage property is damaged by a disaster |
|
|
Full coverage homeowner insurance policy |
Home insurance - covers of physical structure of the house and garage Property insurance - covers the personal property of contents of the house and garage Liability insurance - covers the owner's legal responsibility or liability for injuries to other people and are on the property |
|
|
Lender product sheets |
Outline the purposes, features, and qualification criteria for each of their various programs and products for different burrowing situations Aka the qualifications to use a lender |
|
|
Matching by applicant priority |
Speed, quality, price |
|
|
Steps for matching an applicant with the lender |
1. Consider the lenders you know and the products they sell 2. Review your personal file about the lender 3. Review your personal file about the product or the published product sheet 4. Review the lenders underwriting criteria 5. Contact the lenders business development manager or officer 6. Explain the details of the recommended mortgage to the applicant make sure they understand 7. Explain the application submission process for the applicant, including a time one for approval, verification, and review, if possible |
