Understanding Business
Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
Bartleby Related Questions Icon

Related questions

Question

Pls help ASAP for both

Eva, a mortgage agent level 2, is preparing the commitment letter for presentation
to her client, Emil. Emil is obtaining a private third mortgage that has additional
terms and conditions not typical in most private mortgages. Given this scenario
what advice should Eva give. Emil?
Select one:
a. To obtain independent legal advice
b. To wait and obtain an institutional mortgage at a later date
c. To find another financing solution other than a third mortgage
d. There is nothing that Eva should advise Email about other than the
mortgage's terms and conditions
expand button
Transcribed Image Text:Eva, a mortgage agent level 2, is preparing the commitment letter for presentation to her client, Emil. Emil is obtaining a private third mortgage that has additional terms and conditions not typical in most private mortgages. Given this scenario what advice should Eva give. Emil? Select one: a. To obtain independent legal advice b. To wait and obtain an institutional mortgage at a later date c. To find another financing solution other than a third mortgage d. There is nothing that Eva should advise Email about other than the mortgage's terms and conditions
You have a client with poor credit who is applying with you to obtain a mortgage.
This client meets all of the other requirements for approval, however his choices of
lenders is limited based on his credit issues. One private lender who is willing to
approve this application is offering you a commission in addition to your brokerage
fee if you sell the client a higher interest rate, or no commission if you do not sell a
higher rate. Given this scenario, which one of the following statements is most
correct?
Select one:
a. Since the lender allows you to charge a higher rate there is nothing wrong
with doing this
b. You should charge the higher rate and inform the borrower that he is
getting a higher rate because of his poor credit
c. You must analyze what is in the best interests of the borrower, then make
that recommendation
d. This is not in the borrower's best interests; therefore, you should offer him
the lowest rate possible from this lender
4
expand button
Transcribed Image Text:You have a client with poor credit who is applying with you to obtain a mortgage. This client meets all of the other requirements for approval, however his choices of lenders is limited based on his credit issues. One private lender who is willing to approve this application is offering you a commission in addition to your brokerage fee if you sell the client a higher interest rate, or no commission if you do not sell a higher rate. Given this scenario, which one of the following statements is most correct? Select one: a. Since the lender allows you to charge a higher rate there is nothing wrong with doing this b. You should charge the higher rate and inform the borrower that he is getting a higher rate because of his poor credit c. You must analyze what is in the best interests of the borrower, then make that recommendation d. This is not in the borrower's best interests; therefore, you should offer him the lowest rate possible from this lender 4
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Recommended textbooks for you
Text book image
Understanding Business
Management
ISBN:9781259929434
Author:William Nickels
Publisher:McGraw-Hill Education
Text book image
Management (14th Edition)
Management
ISBN:9780134527604
Author:Stephen P. Robbins, Mary A. Coulter
Publisher:PEARSON
Text book image
Spreadsheet Modeling & Decision Analysis: A Pract...
Management
ISBN:9781305947412
Author:Cliff Ragsdale
Publisher:Cengage Learning
Text book image
Management Information Systems: Managing The Digi...
Management
ISBN:9780135191798
Author:Kenneth C. Laudon, Jane P. Laudon
Publisher:PEARSON
Text book image
Business Essentials (12th Edition) (What's New in...
Management
ISBN:9780134728391
Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
Text book image
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON