What is a balloon loan - Study guides, Class notes & Summaries

A __________ is a permanent change in one or more of the terms of a borrower's loan. Loan Qualification Loan Modification Loan Approval Loan Origination - ANS IS Loan Modification What time period must borrowers have in job history with the same employer to qualify? 2 months 6 months 1 year 2 years - ANS IS 2 years Unscrupulous actions carried out by a lender to entice, induce and/or assist a borrower in taking a mortgage that carries high fees, a high interest rate, strips the borro...

Homes for All considers itself a nonprofit organization. In order for its employees to be exempt from the licensing requirements of the S.A.F.E. Act, each of the following must be true about Homes, except: A) It has tax-exempt status under the Internal Revenue Code B) Its employee compensation package does not encourage an employee to act in his or her own interests over that of his or her clients C) It promotes affordable housing D) It may engage in both nonprofit and for-profit activitie...

Xinnix SOAR Final Questions With Verified Answers Graded A+ FNMA and FHLMC are what type of loan? conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies true conventional loans are not insured by the federal government true Agency loans include FHA and VA loans true the proceeds of a loan for cash out refinance may be used by the borrower to insure a new pool t...

Using the information provided, answer the following question: Sales price = $225,000 Seller Contribution = $6,000 Closing Costs = $5,580 Prepaids = $2,250 What is the cash-to-close? - $9,705 A refinance transaction resulting from a divorce settlement where either the borrower or the coborrower is required to "buy-out" the other party's interest in the mortgage property, is considered a rate and term refinance as long as the borrower who acquires sole ownership receives no cash out of ...

REE3043 REVIEW TEST QUESTIONS WITH ALL CORRECT SOLUTIONS Two important advantages of automated underwriting are that it is __________ and it enables lenders to more safely make ________ loans. - Answer-Two important advantages of automated underwriting are that it is faster and it enables lenders to more safely make affordable housing loans. What two contracts are always involved in a mortgage loan? - Answer-A borrower always conveys a mortgage and a note to the lender in the mortgage loan. ...

Texas Principles of Real Estate II (2024 / 2025) Exam | Guide with Questions and Verified Answers | 100% Correct Q: Principle of Contribution? Answer: A component part of a property is valued in proportion to its contribution to the value of the whole. Holds that maximum values are achieved when the improvements on a site produce the highest (net) return, commensurate with the investment. Q: Principle of Competition? Answer: Holds that profits tend to breed competition and excess profits tend to...

According to the Truth-in-Lending Act, a variation up to what amount is permitted for the annual percentage rate in a regular fixed-rate mortgage transaction as quoted in the Loan Estimate? 1% .5% .125% .25% - Answer-.125% The term "subordination" refers to: The process of releasing a lien The process of recording a lien The process of one lienholder accepting inferior lien priority in favor of another The process of researching a lien - Answer-The process of one lienholder accepting...

f a borrower is required to pay alimony or child support, it must be included as a(n): - Asset - Liability - Qualifier - Mitigating circumstance - Answer-Liability. Alimony and child support must be included in a borrower's liabilities if they are required to pay. A lender who refuses to originate loans in a particular neighborhood or ZIP code because of the perceived creditworthiness of consumers living in the area is in violation of: - FCRA - ECOA - HOEPA - RESPA - Answer-ECOA. Re...

Xinnix SOAR Final Questions With Verified Answers Graded A+ FNMA and FHLMC are what type of loan? conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies true conventional loans are not insured by the federal government true Agency loans include FHA and VA loans true the proceeds of a loan for cash out refinance may be used by the borrower to insure a new pool t...

PSI Real Estate Salesperson Exam – With Questions & All Accurate Answers (Rated A+) PSI Real Estate Salesperson Exam – With Questions & All Accurate Answers (Rated A+) A subject property is an older home with four bedrooms and one bathroom. However, the surrounding neighborhood primarily consists of new construction with four bedrooms and three bathrooms. What can be said of the subject property? - ANSWER-The subject property is worth less because of functional obsolescence The acrony...