1
Q
mortgage underwriting
A
-the process of risk evaluation for a loan
2
Q
lender risks
A
-default by the borrower
-a decline in value of property that serves as security for the loan
-a lack of other assets that could be attached in the event of foreclosure and subsequent deficiency
3
Q
three criteria applicant is evaluated by
A
-credit history
-income
-other assets
4
Q
housing expense ration (HER)
A
-percentage of the borrower’s monthly gross income that is required to make the monthly loan payment
-monthly PITI/monthly gross income
5
Q
total obligation ratio (TOR)
A
-percentage of the borrower’s monthly gross income that is required to make the monthly loan (PITI) payment plus payments on any other recurring debt obligations
6
Q
A
Real Estate
flashcards
Decks in class (49)
# Cards
-
Chapter 127
-
Chapter 2: Real Estate License Law24
-
Chapter 7 Section 113
-
Chapter 7 Section 28
-
Chapter 7 Section 315
-
Chapter 7 Section 49
-
Chapter 8 Section 120
-
Chapter 8 Section 222
-
Chapter 8 Section 311
-
Chapter 8 Section 419
-
Chapter 9 Section 126
-
Chapter 9 Section 223
-
Chapter 9 Section 316
-
Chapter 9 Section 416
-
Chapter 9 Section 519
-
Chapter 10 Section 15
-
Chapter 10 Section 28
-
Chapter 10 Section 33
-
Chapter 10 Section 41
-
Chapter 11 Section 122
-
Chapter 11 Section 26
-
Chapter 11 Section 320
-
Chapter 11 Section 421
-
Chapter 11 Section 57
-
Chapter 12 Section 128
-
Chapter 12 Section 26
-
Chapter 12 Section 311
-
Chapter 12 Section 49
-
Chapter 13 Section 16
-
Chapter 13 Section 218
-
Chapter 13 Section 318
-
Chapter 13 Section 49
-
Chapter 13 Section 521
-
Chapter 13 Section 611
-
Substation Interview21
-
Chapter 14 Section 111
-
Chapter 14 Section 34
-
Chapter 14 Section 47
-
Chapter 14 Section 53
-
Chapter 15 Section 12
-
Chapter 15 Section 223
-
Chapter 15 Section 336
-
Chapter 16 Section 129
-
Chapter 16 Section 211
-
Chapter 16 Section 314
-
Chapter 16 Section 420
-
Chapter 16 Section 516
-
Chapter 16 Section 612
-
Chapter 16 Section 74
