Exam (elaborations)
RMLO SAFE – Champion: Questions And Answers
- Course
- Institution
RMLO SAFE – Champion: Questions And Answers
[Show more]
Content preview
RMLO SAFE – Champion: Questions And Answers1 Year LIBOR Rate Right Ans - 1- Year LIBOR (London Interbank Offered
Rate) rate is the state rate of interest at which banks in the London wholesale
money markets may borrow funds from one another for one year. LIBOR rates
tend to follow global interest rate trends and are therefore frequently used as
the benchmark index for adjustable-rate mortgages.
AARMR Right Ans - American Association of Residential Mortgage
Regulators
Ability to Repay Rule Right Ans - Regulation Z requires that a creditor
make a "reasonable and good faith determination at or before consummation
that the consumer will have a reasonable ability to repay the loan according to
its terms."
Abstract of Title Right Ans - A condensed history, taken from public
records or documents, of the ownership of a piece of land.
Acceleration Clause Right Ans - The right of a lender to demand payment of
the outstanding balance of a loan
Accrued Interest Right Ans - The amount of mortgage interest that has
been earned but not yet paid
Acquisition Costs Right Ans - Costs of acquiring property other than
purchase price, for example, attorney fees, title insurance, and lender's fees
Adjustment Interval Right Ans - The time between interest rate
adjustments of an adjustable rate mortgage (ARM)
Affidavit Right Ans - a signed, sworn statement by a party regarding the
truth or accuracy of information provided
Arm's Length Transaction Right Ans - Legal slang meaning that there
existed no special relationship between the parties involved in a transaction
which would contaminate the result
, Assessed Value Right Ans - The Value of a property established by a public
tax assessor. The assessed value is used to determine property taxes.
Assignment Right Ans - The transfer of rights under an existing document
such as a mortgage, contract or lease, to another party.
Assumption Clause Right Ans - A clause in a loan that permits a buyer to
take legal responsibility for the loan from the seller
Average Prime Offered Rate (APOR) Right Ans - Average Prime offer Rate
(APOR) us a survey-based estimate of Annual Percentage Rates (APRs)
currently offered on prime mortgage loans.
Regulation B Right Ans - A federal rule that implements the Equal Credit
Opportunity Act (ECOA)
Regulation C Right Ans - A federal rule that implements the Home
Mortgage Disclosure Act (HMDA)
Regulation G Right Ans - A federal rule that implements the S.A.F.E.
Mortgage Licensing Act - Federal Registration of Residential Mortgage Loan
Originators
Regulation H Right Ans - A federal rule that implements the S.A.F.E.
Mortgage Licensing Act - State Compliance and Bureau Registration System
Regulation N Right Ans - A federal rule that implements the Mortgage Acts
and Practices-Advertising Act (MAP)
Regulation O Right Ans - A federal rule that implements the Mortgage
Assistance Relief Services Act (MARS)
Regulation V Right Ans - A federal rule that implements the Fair Credit
Reporting Act (FCRA)
Regulation X Right Ans - A federal rule that implements the Real Estate
Settlement Procedures Act (RESPA)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67479 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 15 years now