Which of the below statements is FALSE?
A) If a lender decides to lend the funds, it sends a commitment letter to the applicant whereby this letter commits the lender to provide funds to the applicant.
B) At the time the application is submitted, the mortgage originator will give the applicant a choice among various types of mortgages.
C) Mortgage originators cannot sell the mortgage to an investor that wishes to hold the mortgage in its portfolio.
D) The interest rate that the originator will set on the loan, referred to as the note rate, will depend on the interest rate required by the investor who plans to purchase the mortgage.
Correct Answer:
Verified
Q9: Although the sources of revenue attributable to
Q10: The difference between the purchase price of
Q11: Which of the below statements is FALSE?
A)
Q12: The original mortgage balance (MB₀) is $250,000;
Q13: The _ is the primary attribute used
Q15: A mortgage _.
A) is a collection of
Q16: _ calculate income ratios such as the
Q17: The _ of a mortgage loan indicates
Q18: Mortgage originators may generate income from mortgage
Q19: The LTV has proven to be a
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