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10 Cards in this Set
- Front
- Back
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The course Mortgage Loan Brokering and Lending is:
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one of the optional courses to satisfy broker examination requirements.
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A broker is generally considered to be:
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the third party that arranges transactions between principals.
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Buyers of loans made by mortgage companies would primarily be:
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institutional lenders.
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An institutional lender is likely to make a loan to a borrower who has a low down payment if:
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there is private mortgage insurance.
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Front-end ratio refers to:
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borrower's capacity.
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The back-end ratio reflects:
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the relationship of monthly housing costs (PITI) plus long-term debt payments to total monthly income.
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Private lenders are willing to make higher risk loans through mortgage brokering because:
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the risk is offset by a greater return.
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A soft money loan would be:
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seller financing.
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Equity loans made by or through which of the following would bear the highest total loan costs to the borrower?
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Mortgage broker.
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Which of the following is a general characteristic of loans arranged by mortgage brokers?
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The loans are generally nonconforming loans.
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