Morgage agent Study guides, Class notes & Summaries

How must the cost of borrowing be expressed in a borrower disclosure form? - ANSWER The cost of borrowing must be disclosed as an annual percentage rate, section 8.1 of Regulation 191/08 states that it must also be disclosed in dollars and cents over the course of the term for all fixed and variable rate mortgages. When or under what circumstances would a Broker not have to supply his or her borrower with a borrower disclosure form? - ANSWER If the brokerage does not require the borrower t...

Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - ANSWER-TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - ANSWER-Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, residential refinance? - ANSWER-After 3 business-day rescission period...

Morgage Agent Final Exam prep pt2...

Florida Real Estate Exam Owners that buy income properties as investments and depend on professionals to manage them - ANS Absentee Owners a Value estimated based on resent sales of similar properties in the same neighborhood, not an appraisal - ANS CMA -Comparative Market Analysis... A contractor is employed by an owner of land to build on that land to the owner's specifications - ANS Custom Building When a contractor builds on his own land with the hope of locating...