Loan repayment - Study guides, Class notes & Summaries

REE 4202- Exam 2 Sirmans Qs&As Borrower Qualifications include: - ANS-1. determining maximum loan amount 2. estimating settlement requirements and costs 3. analyzing credit history 4. calculating effective income 5. estimating monthly housing expense 6. assessing ability to repay mortgages and other liabilities in a timely fashion Credit Scoring - ANS--used to assess the creditworthiness of a borrower -best known company FICO (Fair Isaac and Company) -cutoff score for Frannie and Fr...

Champions Real Estate Finance Final Exam With Correct Answers 2024 Loan-to-Value Ratio (LTV) -CORRECT ANSWER-The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage -CORRECT ANSWER-Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage -CORRECT ANSWER...

Loan-to-Value Ratio (LTV) - correct answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers more than one piece of property. Wraparound Mortgage - c...

Which of the following is NOT true of the Financial Accounting Standards Board (FASB)? - It is a government agency THEY DO: It consists of seven full-time members It seeks consistency for its proposed standards It has no legal power to enforce the standards it sets Generally accepted accounting principles are - Developed by accounting rule makers The initials GAAP stand for - Generally Accepted Accounting Principles The current standard-setting board for accounting in the private sector...

_____ is the consummation of a contractual real estate transaction in which all appropriate documents are signed, and the mortgage loan proceeds are disbursed by the lender. - Answer- Closing The primary determinants of real estate values are supply and _____. - Answer- Demand _____ is something of value that can be pledged as security for repayment of a loan. - Answer- Collateral Servicing includes which of the following activities? - Answer- Maintaining records of payment The monet...

CRCM Questions And Answers With Verified Study Solutions In which of the following transactions is a disclosure statement to the consumer required? ANS A $125,000 loan to purchase and secured by an unimproved lot on which the borrower eventually plans to build a home for retirement Which of the following charges is generally to be a prepaid finance charge? ANS Points paid by the borrower in cash at closing Which of these transactions requires the earliest disclosure? ANS A $200,000 loa...

Which of the following is considered a red flag indicating that a subject is seeking to conceal ill-gotten assets through a loan repayment? A. Payments in odd amounts B. Large paydowns C. Accelerated payments D. All of the above Ans-D. All of the above In admission-seeking interviews, an innocent person often reacts differently to the initial accusation than a culpable person. Which of the following reactions to the initial accusation is common to an innocent person? A. Mumbled denial...

Under the Consumer Credit Act, 1995, linking services is prohibited. The term linking services refers to: Correct Answer-a lender offering a loan to a borrower, on condition that the borrower uses some other financial service of the lender. Title documents refer to: Correct Answer-the documents used to record the transfer of a property from one person to another. The Irish Credit Bureau typically holds a borrower's payment history and profile going back over WHAT repayment period? Cor...

MLO NMLS EXAM QUESTIONS AND ANSWERS 100% PASS What law deals with credit, APR & advertising of consumer loans? - TILA/REGULATION Z Which regulation prohibits kickbacks? - RESPA - Reg X Which regulation requires the lender to cancel PMI when the loan reaches 78% LTV? - HPA- Homeowners Protection Act Which regulation prohibits fee splitting? - RESPA "X" is the letter used to describe which Regulation? - RESPA RESPA is the acronym used to describe which Law? - Real Estate Settlemen...

Dave Ramsey Personal Finance Exam with Complete Solutions consumer a person or organization that uses a product or service credit the granting of a loan and the creation of debt; any form of deferred payment debt an obligation of repayment owed by one party to a second party; in most cases this includes repayment of the original loan amount plus interest economy a system by which goods and services are produced and distributed financial literacy the knowledge and skillset nece...