Forward mortgage purpose - Study guides, Class notes & Summaries

According to the FCRA, when must a credit agency give a consumer a free copy of his credit report? A.)If the loan application is denied because of information in the report B.) Whenever he request it - A.)If the loan application is denied because of information in the report A Consumer comes into your office to apply for a loan. The Home Mortgage Disclosure Act requires you to collect information about her race. If she does not wish to provide information for that section of the applicatio...

NMLS QUESTIONS WITH SOLUTIONS, GRADED A+ Acceleration Clause Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:03 / 0:15 Full screen Appraiser Independance Requirements replace...

HECM Exam With 100% Correct Answers 2024

Champions Real Estate Finance Exam || Questions & Answers (100% Correct) Champions Real Estate Finance Exam || Questions & Answers (100% Correct) Federal National Mortgage Association (FNMA) known as, Fannie Mae - ANSWER - began in 1938 as an agency of the federal government In 1968, Fannie Mae became a privately owned and managed corporation Fannie Mae operates exclusively in the secondary market and provides support to mortgage lending institutions in the primary market. Freddie Mac is ...

MLO SAFE NMLS safe test practice questions and answers latest updated Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. Predatory Lending. RESPA-Real Estate Settlement Procedures Act The Federal Statute that deals with the settlement of residential mortgage loans. Brainpower Read More Previous Play Next ...

California property and casualty exam, Pool Questions & Answers. Verified. Rated A The process where by a mutul insurer becomes a stock company is called - Demutalization The process whereby a stock company a mutal insurer is called - Mutalization The provision in a property policy which states that the insured has been paid up to their insurable interest is - Valuation clause The part of the policy that states the amout of coverage the insured property policy period is - Declara...

M100 WITH COMPLETE SOLUTIONS 100% Community Association a legal entity in which the owners enjoy the PROTECTION, ENHANCEMENT, MAINTENANCE and PRESERVATION of their homes and property. 3 Defining Characteristics of a Community Association 1. Membership in the community is MANDATORY and automatic for all owners. 2. Certain association governing documents bind the owners and the association to each other through mandated actions. 3. Mandatory lien-based assessments (maintenance fees) are ...

HECM REVERSE MORTGAGE EXAM QUESTIONS AND ANSWERS 100% PASS HOME EQUITY - Answer- HOME VALUE MINUS LIENS ON THE HOME PURPOSE OF A REVERSE MORTGAGE - Answer- GENERATE CASH FORWARD MORTGAGE PURPOSE - Answer- THE ORDINARY MORTGAGE MOST PEOPLE USE TO PURCHASE HOME FORWARD MORTGAGE - Answer- BORROWERS EQUITY INCREASES OVER TIME THE LOAN BALANCES DECREASES AS PAYMENTS ARE MADE TO LENDER REVERSE MORTGAGE - Answer- RISING DEBT FALLING EQUITY TRANSACTIONS HECM BASIC FEATURES - Answer- THE BORROWE...

Champions Real Estate Finance QuestionsFederal National Mortgage Association (FNMA) known as, Fannie Mae - ANSWERSbegan in 1938 as an agency of the federal government In 1968, Fannie Mae became a privately owned and managed corporation Fannie Mae operates exclusively in the secondary market and provides support to mortgage lending institutions in the primary market. Freddie Mac is a federally chartered corporation established as the Federal Home Loan Mortgage Corporation (FHLMC) - ANSWERSin 1...

Freddie Mac is a federally chartered corporation established as the Federal Home Loan Mortgage Corporation (FHLMC) - ANSWER-in 1970 for the purpose of purchasing mortgages in the secondary market. Freddie Mac is a stockholder-owned corporation chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions can make available to homeowners and multi-family investors. Most of its listed stock is owned b...