Kickbacks defined - Study guides, Class notes & Summaries

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...

Who develops a solicitation? - ANSThe government, and the buyer Who prepares an offer? - ANSThe contractor, and the seller During the post award phase while the contract is being performed, who has responsibility for quality? - ANSThe seller Acquisition - ANSFAR 2.101 tells us Acquisition means the acquiring by contract with appropriated funds of supplies or services (including construction) by and for the use of the Federal Government through purchase or lease, whether the supplies...

A market for the purchase and sale of existing mortgages designed to provide greater liquidity for selling mortgages is called the ________. secondary market The Federal agency established to restore Fannie Mae and Freddie Mac to a sound and solvent financial condition is _____. Federal Housing Finance Agency (FHFA) The ____ guarantee allows mortgage lenders to obtain a better price for their loan in the capital markets. Gov't. National Mortgage Association - Ginnie Mae ...

Deficiency A ________, in the reasonable judgment of the inspector, is a condition that adversely and materially affects the performance of a system, or component. Inspection Process of examining accessible items, and reporting their condition RESPA Prohibits abusive practices like undisclosed referral fees and kickbacks. Designed to help consumers become more knowledgeable of settlement services costs. Departure Provision The inspector may not inspect an item if the ...

business ethics - Answer-deals with the application of general ethical principles to the actions and decisions of businesses and the conduct of their personnel ethical universalism - Answer-the most fundamental concepts of right and wrong are universal and transcend culture, society, and religion. ethical relativism - Answer-holds that a "one-size-fits-all" template for judging the ethical appropriateness of business actions and the behaviors of company personnel is total inappropriate. ...

Residential Inspection for Real Estate Agents - Champions School of Real Estate 100% Pass A ________, in the reasonable judgment of the inspector, is a condition that adversely and materially affects the performance of a system, or component. Deficiency Process of examining accessible items, and reporting their condition Inspection Prohibits abusive practices like undisclosed referral fees and kickbacks. Designed to help consumers become more knowledgeable of settlement services...

NMLS Study Guide Questions with Correct Answers The purposes of RESPA are - Answer-To help consumer become better shoppers for settlement (closing) services AND to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services The origins of RESPA - Answer-Enacted in 1974 and became effective in June 1975. HUD administered and enforced RESPA and Regulation X until July 21, 2011 when CFPB took control under the Dodd-Frank Act. Define "mortgag...

Made with funds insured by the federal government (e.g., FHA loans) Made with collateral insured by the federal government (e.g., flood insurance) Made with funds from a lender regulated by the federal government or that has deposits insured by the federal government (e.g., depository institutions regulated by the FDIC or NCUA) Intended for sale to Fannie Mae or Freddie Mac Made by a creditor regulated under the Truth-in-Lending Act, or Made by a mortgage broker and assigned to a creditor...

CPT- Questions With Accurate Answers 2023 Solution The Coders responsibility is to ensure that the data are as accurate as poosible - Answer-True The Federal Register is the official publication for all Presidential Docum. - Answer-True Natioonal unit values have been assigned for each service by Medicare - Answer-True Fraud is an intentional deception or misrepresentive on that an individual knows to be false or does not believe to be true - Answer-True Kickbacks from patients are allowe...

NMLS Exam Study Questions with Correct A Title XIV (Mortgage Reform and Anti-Predatory Lending Act) - Answer-- Requires MLOs to apply new minimum qualifying standards & defines a new category of "qualified" loans. -Requires verification/documentation of the borrower's ability to repay the loan. -Establishes penalties for irresponsible lending, including extended foreclosure defense for borrowers. Title X (Consumer Financial Protection Act of 2010) - Answer-Provides broad authority to en...

NMLS UST Mortgage Exam Questions With Verified Answers A consumer calls to ask about a loan product. How does TILA require you to quote an interest rate to him? - answerThe APR and the interest rate A wraparound mortgage: - answerOccurs when a new mortgage plus an existing mortgage is structured as a single obligation Which of the following is true of an FHA borrower? - answerOnly 75% of rental income counts as qualifying income A mortgage on personal property is a(n): - answerChattel Mo...