Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Finance5

Finance

QuestionAnswer
Loan Processor An individual who coordinates the loan application process for the lender
Qualifying Ratios, Debt Ratios The percent of monthly income that can be used to pay the PITI payment on a mortgage loan and the percent of monthly gross that can be used to cover all debt including the PITI-28%-36% would be typical debt ratios
PMI Private Mortgage Insurance-the private equivalent of FHA insurance allowing for high LTV/low down payment convential loans-PMI inusres the lenders risk
Discount Rate The rate banks pay when borrowing from the Federal Reserve
Reserve Requirement The percent of deposits banks are required to keep in the bank-set by the Federal Reserve
Point One percent of the loan
Discount Point One percent of the loan that is prepaid interest, tax deductible and results in increased yield for the lender
Origination Point One percent of the loan that is loan processing fee
Buy Down An upfront payment of points used to reduce the borrower's monthly payment-by paying points closing a borrower may secure a lower rate on the loan
Prime Rate The interest rate commercial banks charge their preferred customers
Lien Theory State A state where the mortgage lender has lien on the property and the borrower has tittle
Title Theory State A statement where the mortgage lender has title to the property until the debt is repaid
Down Payment Assistance Programs Governemnt and private programs whose stated purpose is to help buyers to become homeowners
Created by: Shirilyn