Mortgage loan products Study guides, Class notes & Summaries

MLO Josh must provide a(n) _____ when quoting an interest rate and terms to a consumer who has inquired about mortgage loan interest rates correct answers Corresponding APR When an MLO receives an inquiry related to mortgage loan interest rates, a corresponding annual percentage rate (APR) must be provided to the inquiring consumer at the same time a rate quote is delivered. What document can be used as a tool for explaining the APR to an applicant? correct answers Loan estimate When a con...

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 federal grant funds T/F A counseling agency must offer and provi...

Which area of finance deals with sources of funding and the capital structure of corporations and seeks to increase the value of a firm to its owners? - Answer- Business finance What is the primary difference between finance and accounting? - Answer- Finance focuses on the future, while accounting is generally backward-looking. Which subspecialty of finance primarily involves deciding which assets will create more wealth and earn positive returns? - Answer- Investments What is the prima...

NMLS Exam Questions with Correct A 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) The lender ...

HECM Test Exam Questions And Revised Correct Answers updated 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 - ANSWERS E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining ...

SAFE Act/ Uniform State Test (UST) Latest Update Graded A+ SAFE Act purpose is to create uniform regulation of mortgage loan originators in every state Secure and Fair Enforcement for Mortgage Licensing Act of 2008 SAFE Act Regulation H for state licensed Regulation G for Federal Depository Institutions Before the crash of 2007, there was very little regulation of... Loan Originators HERA was created... The Housing and Economic Recovery Act was created to regulate those who ori...

what is the industry term used to describe the sum of prices paid by a business's customers? -daily receipts -profit -profits less expenses -total revenues -total revenues historically, what concept have hospitality managers chiefly used to calculate their selling prices? -income -revenue -costs -profits -costs what is an algebraic equivalent of the formula: sales=costs+profit? -profit=sales-costs -costs=sales+profits -costs=profit-sales -prof...

Real Estate Brokerage SAE - Champion's School of Real Estate 291 Questions with Verified Answers Search Engine Optimization (SEO) - CORRECT ANSWER The process of maximizing the number of visitors to a particular website by ensuring the website appears high on the list of results returned by a search engine. Fcebook Live - CORRECT ANSWER Video streaming through facebook. CoStar Database - CORRECT ANSWER Functions much like a residential MLS, connecting commercial agents with brokerages,...

Xinnix Quiz Questions with 100% Correct Answers Ginnie Mae was wholly created to purchase government mortgages on the secondary market - Answer- false which of the following was not a reason The Federal Housing Administration (FHA) was created - Answer- to simplify mortgage forms match in order of creation - Answer- 1st-FNMA 2nd-GNMA 3rd-FHLMC match the following - Answer- FNMA-fannie mae FHLMC-Freddie Mac what allowed more conventional mortgages to be originated in the early 1970s wit...

Which of the following is NOT a RECA educational resource for industry professionals? - Answer- Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act - Answer- Provincial Legislature Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time - Answer- Consumer Price Index (CPI) Which of the following will occur to the supply of a good when there is a change in quantity...