Mortgage Originator Quiz 1


Retail lender
Correspondent lender
Wholesale lender
Closed-end financing
Open-end financing
Fixed-rate mortgage
Interest-only mortgage
Funds loans and sells them to wholesale lenders
No amortization during loan term; balloon payment
Provides fixed amount repayable over fixed period
Funds loans applied for through mortgage brokers
Borrower may repay and reborrow up to credit limit
Interest rate and payments don’t change for set term
Interacts directly with borrower, actually makes loan
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