Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following is a characteristic of loans made by mortgage loan brokers?

They act as intermediaries, connecting borrowers with lenders but do not fund the loans themselves.

They typically service the loans after origination.

They use their own funds to directly finance the loans.

They are regulated in the same way as commercial banks.

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Verified step by step guidance

Understand the role of mortgage loan brokers: Mortgage loan brokers act as intermediaries between borrowers and lenders. They do not use their own funds to finance loans but instead connect borrowers with lenders who provide the financing.

Clarify the concept of loan servicing: Loan servicing involves managing the loan after origination, including collecting payments, handling escrow accounts, and communicating with borrowers. Mortgage loan brokers typically do not service loans; this is usually done by lenders or specialized servicing companies.

Differentiate funding sources: Mortgage loan brokers do not use their own funds to directly finance loans. Instead, they rely on lenders to provide the funds for the loans they arrange.

Examine regulatory differences: Mortgage loan brokers are not regulated in the same way as commercial banks. Commercial banks are subject to stricter regulations due to their role in accepting deposits and providing a wide range of financial services.

Identify the correct characteristic: Based on the above clarifications, the correct characteristic of loans made by mortgage loan brokers is that they act as intermediaries, connecting borrowers with lenders but do not fund the loans themselves.