Tila disclosure - Study guides, Class notes & Summaries

When must a seller's agent or subagent initially disclose agency status to a buyer? - before buyer and buyer's agent discuss motivation and financial information seller's subagent - no written or oral buyer agency OLDCAR - obedience loyalty disclosure confidentiality accounting reasonable care In dual agency, the agent's duties are _____ to being a facilitator - reduced What statement would require full disclosure of all financing terms in compliance with TILA, Reg Z and RESPA - any n...

Three identical homes in a neighborhood were listed at the same time in a market where demand was constant. According to the law of supply and demand, which would have sold for the lowest price? - ️️The first sold. When compiling a competitive market analysis, a broker would look for comparable properties that - ️️were located near the property being listed. If an older building cannot be air-conditioned, it is an example of - ️️functional obsolescence. A prospective seller ...

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 ...

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...

Principles of Real Estate 2 Champions School of Real Estate ECOA (equal credit opportunity act) all consumers are given a equal chance to obtain credit. Truth in Lending Act (TILA) protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. specifies requirements found in regulation z. trigger terms 1. amount of down payment. t of any payment 3. number of payments or period of repayment 4. amount of any finance ...

S.A.F.E Mortgage Loan Originator Exam 100% Correct GLBA Gramm-Leah-Bliley Act FTC Federal Trade Commission FCC Federal Communications Commission NPI Non-public Personal Information Consumer Individual who obtains financial services for personal use Customer Continuing relationship with a financial institute EBR Established Business Relationship FACTA Fair Credit Reporting Act (Original FCRA) FHA Fair Housing Act & Federal Housing Administration ECOA Equal Credit ...

NMLS MLO 2023/2024 Proficiency knowledge test Exam Questions and certified Answers HMDA was implemented by the: - correct answer Federal Reserve Board How many days does a lender have to send a statement of reasons for an adverse action after receiving a request from an applicant? - correct answer 30 days Which Act includes provisions to protect consumers' personal financial information held by financial institutions? - correct answer Gramm-Leach-Bliley Which Act allows c...

When must a seller's agent or subagent initially disclose agency status to a buyer? ANS before buyer and buyer's agent discuss motivation and financial information 2. seller's subagent ANS no written or oral buyer agency 3. OLDCAR ANS obedienceloyalty disclosure confidentiality accounting reasonable care 4. In dual agency, the agent's duties are to being a facilitator ANS reduced 5. What statement would require full disclosure of all financing terms in com-pliance with TILA, Reg...

ECOA is Regulation ______ - Regulation B TILA is administered by ______ - CFPB HOEPA considers a loan to be high cost if total charges to borrower exceeds ______ % of loan amount? - 5% For reverse mortgage, TILA disclosure must be delivered how many days prior to closing? - 7 days Home Mortgage Disclosure Act (HMDA) implemented by _____ - FRB Loan amount, gender, race, & age; which is not required on HMDA? - Age HMDA does not - Set lending quotas for protected classes Bankruptcies are ke...

NMLS Mortgage Loan Originator UPDATED Exam Questions and CORRECT Answers ECOA - CORRECT ANSWER- Equal Credit Opportunity Act (Reg B) HMDA - CORRECT ANSWER- Home mortgage disclosure act (reg c) TILA - CORRECT ANSWER- Truth-In-Lending Act, Regulation Z FCRA - CORRECT ANSWER- Fair Credit Reporting Act - Regulation V