Unit 5 gfe - Study guides, Class notes & Summaries

NMLS Test Outline Questions and Answers Already Passed RESPA disclosures? due dates? 3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing Disclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At consummation: Final Closing Disclosure Initial Escrow Statement (45 days after closing) After closing: Annual Escrow Statement Servicing Transfer Statement (sen...

MLO SAFE NMLS Safe Test Practice Questions And Answers (Verified And 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 __________________________. - answerPredatory Lending. RESPA-Real Estate Settlement Procedures Act - answerThe Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - a...

DCASE UNIT 5 UPDATED QUESTIONS WITH 100% CORRECT ANSWERS!!

NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Document Content and Description Below NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Acceleration Clause - Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed a s 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) Appraiser Independance Requirements replaced HVC...

XINNIX FLIGHT SCHOOL questions and answers latest top score. The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. - correct answers.True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA - correct answers.3 years What are the steps you should follow to determine the correct MI? - correct answers.LTV, term, product type, occupancy type and coverage. Typically,...

XINNIX FLIGHT SCHOOL questions and answers latest top score. The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. - correct answers.True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA - correct answers.3 years What are the steps you should follow to determine the correct MI? - correct answers.LTV, term, product type, occupancy type and coverage. Typically,...

Unit 5 - GFE

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) Appraiser Independance Requirements replaced HVCC home valuation code of conduct Due on Demand Clause (Considered a predatory practice) The lender can demand repayment of the loan in full at anytime for ...

XINNIX FLIGHT SCHOOL QUESTIONS WITH CORRECT ANSWERS The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA 3 years What are the steps you should follow to determine the correct MI? LTV, term, product type, occupancy type and coverage. Typically, files that have to be manually underwritten are subject to less strict guid...

MLO SAFE NMLS Safe Test Practice Questions And Answers (Verified And 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 __________________________. - answerPredatory Lending. RESPA-Real Estate Settlement Procedures Act - answerThe Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - a...