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Flashcards in 2.2 Deck (24):
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A _______, or note shows the terms and obligations of the mortgage loan.

loan contract

1

A ________ is another name for "loan originator".

loan officer

2

A ________ banker is a lender large enough to originate loans and create loan pools that can be resold.

mortgage

3

______ loans are kept by lenders instead of selling them to a secondary market.

Portfolio

4

Lenders who sell their loan funds to mortgage brokers at a lower cost than what the broker charges to the general public are known as _________ lenders.

wholesale

5

The __________ is a document from lending sources that lists the interest rates being offered to loan originators.

rate sheet

6

The _________ premium is a fee that the lender will pay the mortgage broker for originating the loan.

yield spread

7

The ______ pays the yield spread premium to the mortgage broker.

lender

8

A _________ is a computerized evaluation of credit worthiness.

credit score

9

A loan _______ is a title that loan originators commonly use.

officer

10

A portfolio loan is when a lender keeps a loan instead of _______ it.

selling

11

Mortgage broker companies _______ loans for wholesale lending institutions.

originate

12

Wholesale _______ work with mortgage brokers.

lenders

13

The _______ pays the yield spread premium to the mortgage broker.

lender

14

Another name for a loan contract is a _______.

note

15

A _______ rate mortgage has the same interest rate for the entire length of specific term.

fixed

16

A/an _________ rate mortgage has an interest rate that is tied to a financial market index, and it changes based on the state of the economy.

adjustable

17

A ______ mortgage carries a fixed interest rate for a specified portion of the term, and an adjustable rate for the remainder.

hybrid

18

There are three main types of real estate mortgage lender: mortgage bankers, mortgage brokers and ________ lenders.

wholesale

19

Another name for a mortgage note is a ________.

loan contract

20

YSP is an acronym for _______.

yield spread premium

21

When YSP points are shown in parenthesis, it means that the corresponding interest rate is _______ par.

below

22

Explain to your buyers that they are not paying the YSP fee to the mortgage company; the _____ is paying it.

lender

23

Pre-approval requires that an actual loan application be submitted to the _______ department at the chosen mortgage company.

underwriting