Reverse mortgage 4 - Study guides, Class notes & Summaries

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content Exam Questions With Verified Answers What does UST stand for? - answerUniform State Test Who does the CFPB protect? - answerThe Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - answerCFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for,...

Notary Loan Signing Agent Definitions 2024 Exam Questions Marking Scheme Borrower (Mortgagor) - ANSWER- An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan. Title - ANSWER- Document that gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property. Individuals who will have legal ownership in the property are considered "on title" and will sign th...

RESPA Exam Review Questions and answers, rated A+ RESPA - -Real Estate Settlement Procedures Act. Enacted in 1974 by HUD. HUD - -Housing and Urban Development. Administers and enforces RESPA and Reg X. CFPB - -Consumer Financial Protection Bureau. Created by Dodd Frank and Consumer Protection act. Purpose is enforcement and rule making authority over RESPA. Purpose of RESPA and REG X - -1)Help Consumers become better shoppers for settlement(closing services) 2)Eliminate Kickbacks and...

Conventional Mortgages neither insured nor guaranteed. Typically requires 20%-25% down payment. Conventional with PMI (Private mortgage insurance) A conventional loan with insurance on it- up to 20%. The law passes in 1998 made it mandatory for the lenders to drop the PMI when the loan balance reaches 78% of the original value of the property. Borrower can request the lender to drop the PMI, when the balance reaches 80% of the value of the property. FNMA and FHLMC encourages lenders to ...

NMLS SAFE EXAM QUESTIONS AND ANSWERS | LATEST VERSION | 2024/2025 | GRADED A+ ________ are mortgages that do not fully amortize due to repayment terms of the loan. A. Reverse annuity mortgages. B. Balloon mortgages. C. Graduated payment mortgages. D. Home equity line of credit. B. Balloon mortgages ________ must be reported to borrowers on the truth in lending disclosure. A. Note rates. B. Finance charges C. Payment address D. Servicer's name B. Finance charges - 100% Finan...

Farming - ANSWER one type or style of property or one particular neighborhood residential transaction - ANSWER *fs 475.278 *improved residential prop of 4 or fewer *unimproved prop intended for 4 units > *agricultural prop of 10 acres> *leases w/ options to purchase all or a portion of improved prop or 4 > Industrial sales or lease - ANSWER warehouse and manufacturing timeshare/vacation ownership - ANSWER *condo that is subdivided into ownership time periods. *right to us...

HECM Counseling Certification Exam Questions and Answers 100% Pass Non-recourse - Answer- Borrower has no obligation to pay back more than the value of the home Proprietary Reverse Mortgage - Answer- A loan offered by a particular lender, not federally insured. Generally target homeowners with high home values How is loss risk controlled? - Answer- Relating the total amount of the loan advances to the life expectancy of borrower (age), value of home, and cost of loan Federally-Insured Re...

what is RESPA Answer Real Estate Settlement Procedures Act; provides consumer protection for loans on residential properties (1-4 units) RESPA: Regulation ? Answer X; primarily involved with the disclosure of closing costs and the prevention of kickbacks, which may raise the amount of closing costs to the consumer RESPA = 4 pre settlement disclosures Answer ***sent 3 business days after borrower signs loan application** 1. Special info booklet; 2. Good Faith Estimate aka GFE of settleme...

RESPA Exam Review Questions and answers, rated A+ RESPA - -Real Estate Settlement Procedures Act. Enacted in 1974 by HUD. HUD - -Housing and Urban Development. Administers and enforces RESPA and Reg X. CFPB - -Consumer Financial Protection Bureau. Created by Dodd Frank and Consumer Protection act. Purpose is enforcement and rule making authority over RESPA. Purpose of RESPA and REG X - -1)Help Consumers become better shoppers for settlement(closing services) 2)Eliminate Kickbacks and...

Notary Signing Agent (2023/2024) Already Graded A HELOC Home Equity Line of Credit Construction Loan A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses or is converted to a mortgage. Reverse Mortgage A loan based on the equity in a home that provides homeowners with tax-free income and is paid back with interest when the home is sold or the homeowner dies. No payment as long as the borrower li...