Finance
An Oregon borrower's loan is being 'serviced' by a company different from the original lender. 'Loan servicing' refers to:
AProcessing the original mortgage application
BCollecting monthly payments, managing escrow accounts, and handling borrower communications✓ Correct
CAppraising the property for refinancing purposes
DProviding the title insurance for the loan
Explanation
Loan servicing is the administrative management of a mortgage loan: collecting monthly payments, managing escrow accounts for taxes and insurance, handling payment problems, processing payoffs, and managing delinquencies. Lenders often sell servicing rights to specialized servicers.
Related Oregon Finance Questions
- Which federal law prohibits discrimination in lending based on race, color, national origin, religion, sex, familial status, age, or because an applicant receives public assistance income?
- What is the 'Oregon Individual Development Account' (IDA) program and how might it help buyers?
- A 'purchase money mortgage' (PMM) is:
- A buyer obtains an adjustable-rate mortgage (ARM). What does the 'index' represent in an ARM?
- An Oregon borrower's monthly housing PITI payment is $2,100. Their gross monthly income is $7,000. What is their front-end (housing) DTI ratio?
- A 'jumbo loan' refers to a mortgage that:
- Which of the following describes a 'swing loan' (also known as a bridge loan) in Oregon real estate?
- Which government-sponsored enterprise (GSE) focuses specifically on multifamily housing and apartment building loans?
Practice More Oregon Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oregon Quiz →