RE Finance: Chapter 2

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The Nature of Real Estate Finance

Last updated 11:13 PM on 9/25/26
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11 Terms

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pre-qualification
a quick estimate of what a buyer might afford; it is based on information the buyer tells the lender
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pre-approval
a lender’s stronger promise that the buyer can borrow a certain amount; it is based on verified documents and a credit check
3
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mortgage broker
a matchmaker who connects the borrower with a lender
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mortgage banker
a mortgage company that makes loans using its own money or borrowed money
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correspondent lender
a smaller lender that makes loans with its own money and takes the risk if the loan goes badly
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origination
the beginning of a mortgage loan
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loan processing
collecting the buyer’s application and financial information for the lender
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underwriting
checking the borrower and the loan to decide whether the risk is acceptable
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closing
the finish line, when everyone signs the documents and the mortgage money is released
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funding
the lender sending the mortgage money to the title or escrow company
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servicing
managing the loan after closing by collecting payments and keeping records