Which of the following is a primary market lender?
A. Federal Housing Administration
B. Mortgage banking company
C. Mortgage broker
D. Veterans Administration
Answer: B. Mortgage banking company
A mortgage banker is a primary market lender, meaning that it originates loans directly to property buyers. Under the traditional distinction between a mortgage banker and a mortgage broker, a mortgage broker negotiates loans, bringing borrowers and lenders together for a fee, but (unlike a mortgage banker) is not a lender.
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On June 30, 2017, Texas, Inc showed the following data on the equity section of their balance sheet
Stockholders' Equity Common Stock, $1 par; 195,000 shares authorized, 149,000 shares issued and outstanding $149,000 Paid-In Capital in Excess of Par-Common $260,000 Retained Earnings 949,000 Total Stockholder's Equity $1,358,000 On July 1, 2017, the company declared and distributed a 11% stock dividend. The market value of the stock at that time was $20 per share. As a result of this stock dividend, what is the balance of Retained Earnings? A) $770,580 B) $951,000 C) $981,780 D) $621,200
The only allowable method of joint cost allocation is specified by FASB
Indicate whether this statement is true or false.