A 'mortgage servicer' in Alaska performs which of the following functions?
Why Collects monthly payments, manages escrow accounts, handles delinquencies, and remits funds to the loan owner Is Correct
Answer B: Collects monthly payments, manages escrow accounts, handles delinquencies, and remits funds to the loan owner
Exam Tip: Finance
Finance questions often involve calculations. Master the T-bar method, understand the difference between conventional and government-backed loans, and know key ratios like LTV and DTI.
Key Finance Terms in This Question
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
People Also Study
Related Alaska Questions
- Which type of title insurance policy protects the lender's interest in an Alaska mortgage transaction?Escrow & Title
- An Alaska lender requires title insurance as a condition of making a mortgage loan. The cost is typically paid by:Finance
- An Alaska condo has an HOA fee of $375/month. Annual property taxes are $3,800 and homeowner's insurance is $1,200/year. What is the total annual PITI plus HOA (excluding P&I mortgage payments)?Real Estate Math
- A mortgage that requires equal monthly payments applied first to interest, with the remainder reducing the principal balance, is called a(n):Finance
- A buyer's monthly principal and interest payment is $1,850. Annual property taxes are $3,600 and homeowner's insurance is $1,200 per year. What is the buyer's total PITI monthly payment?Real Estate Math
- In Alaska, which type of mortgage clause allows the lender to demand full repayment of the loan upon the property's sale?Finance
- What is the purpose of private mortgage insurance (PMI) on an Alaska conventional loan?Finance
- A mortgage lender in Alaska charges a higher interest rate to an applicant because of the neighborhood where the property is located, which has a predominantly minority population. This practice is known as:Fair Housing
Key Terms to Know
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Study This Topic
Practice More Alaska Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →