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10 Cards in this Set

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