Hecm real test - Study guides, Class notes & Summaries

Which of the following is not true concerning ECOA? It requires lenders to notify loan applicants of their application status within 30 days Its provisions are implemented by Regulation B It requires lenders to give borrowers a copy of their appraisal and a notice stating they are entitled to a copy of the appraisal It requires the disclosure of the APR on all advertisements which contain an interest rate - ANSWER-The answer is it requires the disclosure of the APR on all advertiseme...

The Dodd-Frank Act includes provisions that are intended to help struggling homeowners to obtain loan modifications by: - ANSWER-Requiring the CFPA to write servicing rules to facilitate loss mitigation efforts A lender is permitted to deny an applicant credit based on which of the following factors? - ANSWER-the applicant likes income stability this rule apply to commercial Communications used to Market mortgage loan products and services to Consumers - ANSWER-MAP Rule HOEPA would not ...

Dodd-Frank Act what does it do? - ANSWER Wall street reform act which implements MLO compensations and Safe ACT. created after recession Dodd-Frank Act created when? - ANSWER created 2010 SAFE Act - ANSWER Secure and Fair Enforcement for Mortgage Licensing Act SAFE Act - ANSWER Created to set minimum standards for the education licensing and testing of mortgage loan originators. such as NMLS NMLS - ANSWER Nationwide Mortgage Licensing System and Registry SAFE Act - ANSWER Requires...

Primary Mortgage Market - ANSWER Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - ANSWER When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan B. The borrower qualified at the buydown rate - ANSWER When utilizi...