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Mortgage banking companies:
Collect monthly payments and forward them to the mortgage investor.
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In recent years, the mortgage banking industry has experienced:
Rapid consolidation.
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Currently, which type of financial institution in the primary mortgage market provides the most funds for the residential (OO) housing market?
Commercial banks.
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For conforming conventional home loans, the standard payment ratios for UW are:
28/36
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The numerator of the standard housing expense (front-end) ratio in home laon UW includes:
PITI
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The most profitable activity of residential mortgage bankers is typically:
Loan servicing.
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Potential justifiable sub-prime borrowers include persons who:
- - 81% - 100% LTV
- - impaired credit
- - no documentation
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The normal securitization channel for jumbo conventional loans is:
Private conduits.
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The reduced importance of certain institutions in the primary mortgage market has been largely offset by an expanded role for others. Which has diminished, and which has expanded?
Thrifts : Mortgage Bankers
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Warehousing in home mortgage lending refers to:
Short-term loans made by commercial banks to mortgage bankers.
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Traditional home mortgage underwriting is said to rest on three elements, the "three C's." The housing expense ratio is one tool that lenders will use to address concerns associated with which of the "three C's?"
Capacity
(Credit, Capacity, Collateral)
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The Federal National Mortgage Association (Fannie Mae) was originally established to provide a secondary market for FHA-insured and VA-guaranteed loans. All of the following statements regarding Fannie Mae are true EXCEPT:
- A. Fannie Mae lends money directly to home-buyers.
- The following are true: Fannie Mae is a private, self-supporting company with publicly traded stock, Fannie Mae fully guarantees timely payment of interest and principal to investors, Fannie Mae is currently under conservatorship, Fannie Mae buys both conventional home loans and
- government-underwritten residential mortgages.
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