Finance
In New Mexico, a 'mortgage banker' differs from a 'mortgage broker' in that a mortgage banker:
AOnly works with the government
BOriginates loans using their own funds and may hold or sell them on the secondary market✓ Correct
COnly refers buyers to lenders without providing loans
DCannot make FHA loans
Explanation
A mortgage banker originates, funds, and may service loans using their own capital. A mortgage broker acts as an intermediary between borrowers and lenders, arranging loans but not funding them with their own money.
Related New Mexico Finance Questions
- In New Mexico, which of the following is TRUE about a home equity conversion mortgage (HECM/reverse mortgage)?
- A New Mexico buyer's loan is classified as a 'Qualified Mortgage' (QM) under CFPB rules. This means the loan:
- Which federal agency is responsible for chartering, regulating, and supervising Fannie Mae and Freddie Mac?
- A New Mexico buyer uses a 203(k) rehabilitation loan. This is a program offered by:
- In New Mexico, which federal law governs the electronic delivery of required mortgage disclosures?
- In New Mexico, the term 'private money lender' typically refers to:
- In New Mexico, which of the following is TRUE about FHA Mortgage Insurance Premium (MIP)?
- In New Mexico, a 'commercial mortgage-backed security' (CMBS) is:
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →