RESPA - Correct Answer Set of rules that are applied fairly to lenders buying or selling a house
Mortgage broker - Correct Answer Match borrowers to Lenders
Unimproved property - Correct Answer Building in process /Construction halfway done
Bridge(Swing) Loan - Correct Answer Short...
Nmls exam 2024 study Guide
(Federal Mortgage laws)
RESPA - Correct Answer Set of rules that are applied fairly to lenders buying or selling a house
Mortgage broker - Correct Answer Match borrowers to Lenders
Unimproved property - Correct Answer Building in process /Construction halfway done
Bridge(Swing) Loan - Correct Answer Short term loan used to purchase and pay off asap
Modification - Correct Answer Making changes to original agreement
Home equity Loan - Correct Answer Using value of house for purchase then pay back overtime
Home equity - Correct Answer Value of home minus the homes outstanding loan
Assumed Loan - Correct Answer Taking over responsibility over another persons loan
Reverse mortgage - Correct Answer Old person uses equity to secure stipend from lender
Settlement services - Correct Answer Services that check for Aspects of a property that is being sold
Buying points - Correct Answer Lenders offers lower interest rate in trade for charging higher upfront
Foreclosure - Correct Answer Failed to make payments after 4 Months/ 120 days
Escrow - Correct Answer Holds onto important things until buyer and seller have met agreements
, Equal Credit Opportunity Act (ECOA) - Correct Answer Prohibits lenders from discriminating against
applicants on the basis of race, color, religion, national origin, sex, marital status, age, or dependency on
public assistance
Denial of credit/loan - Correct Answer Declining client due to lack of credit
General Provisions of Reg B - Correct Answer Rules to make sure Borrower has a fair chance
Acceptable terms to describe marital status - Correct Answer Married,Unmarried,Separated
Eldery - Correct Answer 62 or Older
Disparate Treatment - Correct Answer Not treating Applicant fairly or equally
Subprime Loan - Correct Answer Loan offered to borrowers with Low credit score and great risk to
default
Disparate Impact - Correct Answer Lenders is being fair to certain groups but isn't discriminating
Record retention Timeline Ecoa - Correct Answer Required by Lenders to retain all records to credit
applicants for 25 months/ 2 years
Co-signer - Correct Answer Another person agree to pay loan if original person fails too
Joint applicant - Correct Answer Someone who Applies with first applicant
Debt to Income Ratio (DTI) - Correct Answer Comparing Debt fees to income + vs -
Acceptable Income - Correct Answer Considered income on a credit application
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