Finance
What is 'seasoning' of funds in Oregon mortgage lending?
AThe process of marinating real estate documents before signing
BThe requirement that funds in a buyer's account have been there for a minimum period (typically 2 months) to be used as verified assets for down payment✓ Correct
CThe waiting period after a bankruptcy before qualifying for a new mortgage
DThe adjustment period on an adjustable-rate mortgage
Explanation
Fund seasoning refers to lenders' requirements that assets (down payment funds, reserves) must have been in the borrower's account for a minimum period — typically 60 days (2 bank statements) — to verify they are legitimate, documented assets and not borrowed funds. Large, unexplained deposits may trigger additional documentation requirements from Oregon lenders.
Related Oregon Finance Questions
- An Oregon borrower has a deed of trust on their property. The borrower defaults on the loan. After the trustee's sale, if the sale proceeds are less than the amount owed, this is called a:
- What does the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) require of Oregon mortgage professionals?
- In Oregon, a deed of trust used as a security instrument for a real estate loan differs from a mortgage in that a deed of trust:
- Which of the following best describes 'points' in a mortgage transaction?
- Private mortgage insurance (PMI) is typically required when a buyer's down payment is:
- A 'bridge loan' is a type of short-term financing used to:
- Oregon's real estate market in the Bend and Central Oregon area has seen significant price appreciation. A lender ordering an appraisal there would be most concerned about:
- Under the SAFE Act, mortgage loan originators (MLOs) in Oregon must:
Practice More Oregon Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oregon Quiz →