A repayment mortgage - Study guides, Class notes & Summaries

Guarantee Correct Answer-A promise made by one party to share responsibility for the debts of another party Mortgage Correct Answer-An interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt Promissory note Correct Answer-A promise or an engagement in writing to pay a specified sum at a time therein stated or on demand or at sight to a person named therein Debtor Correct Answer-One who owes a debt Payee Correct Answer...

The amount the borrower makes prior to any deductions for taxes or insurance is: A) Guaranteed income B) Net income C) Gross income D) Gross margin - Gross income _______: In the Texas Constitution, a principle residence of a family or adult single person is protected from forced sale for all debt except: property taxes; federal tax liens of both spouses; a home equity lien.....etc... - Homestead ______ ______ ____: lenders use what is called a front-end ratio, which is reflected as a pe...

McKissock Liberty University -McKissock Learning - Basic Appraisal Principles well answered"A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt" is the definition of: A) CC&R B) bond C) mortgage note D) debt - correct answer mortgage note "The earth's surface, both land and water, and anything that is attached to it whether by the course of nature or human hands" is the definition of: A) land B) site C) water D) real property - c...

HECM EXAM QUESTIONS AND ANSWERS LATEST 2024 (142 QUESTIONS). A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - ANSWER- E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining fe...

A reverse mortgage is... -Answer- a loan against the value of a home that provides cash advances to a borrower, requiring no repayment until a future time. A reverse mortgage is different from a home equity loan because -Answer- You do not have to make monthly repayments on a reverse mortgage A reverse mortgage must be repaid -Answer- When the last eligible borrower dies, sells, or permanently moves away The purpose of a reverse mortgage is most often -Answer- To generate cash Revers...

N7. The instrument that the purchaser gives promising to pay back a loan is a: A. Mortgage B. Lien C. Deed of trust D. Note - ANSWERSD. Note. The promissory note, often called the "note," is the promise made by the buyer to the lender to repay the loan. N7. Who must sign the mortgage and the note? A. Mortgagor B. Mortgagee C. Trustee D. Beneficiary - ANSWERSA. Mortgagor. The borrower is the mortgagor. Remember borrower and mortgagor. N7. Who gives real estate as security for ...

NMLS Exam Questions with Correct Answers Acceleration Clause - Answer-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) - Answer-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - Answer-home valuation code of conduct Due on Demand Clause - Answer-(Considered a predatory practice) Th...

OKLAHOMA REAL ESTATE EXAM PREP LATEST UPDATE GRADED A+ WHAT TYPE OF CONTRACT IS A REAL ESTATE OPTION CONTRACT? UNILATERAL CONTRACT DURING AN APPRAISAL OF A RESIDENTIAL PROPERTY AN APPRAISER ESTIMATES THE COST OF REBUILDING THE SUBJECT PROPERTY SO THAT IT IS IDENTICAL TO ITS CURRENT SIZE AND CONDITION IS AN EXAMPLE OF WHAT TYPE OF APPRAISAL PRINCIPLE? SUBSTITUTION ACCORDING TO THE STATUTE OF FRAUDS IN ORDER FOR A REAL ESTATE SALES CONTRACT TO BE ENFORCEABLE IN COURT THEY MUST BE ...

Mortgage Professionals Canada Exam Latest Update Graded A+ Mortgage a legal method by which a borrower can pledge property to the lender as security for a debt Where does today's mortgage industry trace its origin from? England -power of royalty and lords diminished due to development of middle class -loans secured by the right of ownership of the land became common -Here, the seller of the land supplied the credit to the purchaser Where does the term "mortgage" originate from? French words...

NMLS 2024 Exam Questions with Correct Answers What law deals with credit, APR & advertising of consumer loans? - Answer-TILA/REGULATION Z Which regulation prohibits kickbacks? - Answer-RESPA Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - Answer-HPA - Homeowners Protection Act Which regulation prohibits fee splitting? - Answer-RESPA Regulation X is the letter used to describe which Law? - Answer-RESPA RESPA is the acronym used to describe w...