After borrower - Study guides, Class notes & Summaries

SOMB II Practice Test | questions and answers with complete solution When refinances as a percentage of total originations rise, does profitability at large banks tend to rise or to fall? - Fall What are the top three Mortgage lender's main sources of income? - - Fees negotiated at origination - Gain on sale - Interest Income Interest income earned at the note rate from the date a loan closes until it is sold belongs to? - The lender Which type of loan sale generates the most revenue...

After the borrower submits a complete loan application, the LE must be delivered or placed in the mail within how many days? - 3 business days A program description contains the summary of eligibility requirements for a loan to be sold to a specific lender/investor. - True A borrower purchased a home on January 15th and is moving in on March 2nd. How many days from purchase to move in? (For non-leap years only) - 46 days 1. Gross rent may be considered effective income when an applicant is...

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 ...

WA State 3 Real Estate Exam Prep: Rockwell Institute Sample Exams 3 questions with correct answers The owner of property located along a stream or river may have which type of water right? A. Alluvion B. Riparian C. Appropriation D. Littoral Correct Answer-Your Answer: B Riparian rights are water rights that belong to owners of property that borders a stream or river. (Littoral rights refer to water rights associated with property that borders stationary water, such as a lake.) Five...

NJ Life Producer Exam Correct answers latest update Which of the following amounts must decrease in a decreasing term? Death benefit In life insurance, insurable interest must exist at the time the.. Producer writes an on a proposed insured An applicant makes an offer to the insurer when they pay an initial premium with the application Which of the following makes Universal Life insurance different from other forms of permanent insurance? Premium Schedule An insurer that...

UCE Practice Exam Questions & Answers 2024/2025 How does a bank ensure that it has perfected its lien on real estate held as collateral? A. perform a Uniform Commercial Code (UCC) search B. verify lien status with the tax assessor C. obtain a list of prior lien holders from the borrower D. perform a title search after the deed of trust or mortgage is filed E. obtain a preliminary title opinion prior to filing the lien - ANSWERSD. perform a title search after the deed of trust or mort...

Xinnix Final Exam Questions With Answers A veteran has the ability to transfer a portion of their entitlement to another veteran. False 1. Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on the purchase of their new home. False Based on the following scenario, does the borrower qualify within FNMA guidelines? PITI: $1,725 monthly Income: $7,000 Debt: $700 car payment, $375 student loan ($2,250 balance), $...

Title Theory - lender owns, borrower has equitable title Hypothecation - pledging property as collateral for a loan without giving up possession Mortgagee - Lender Mortgagor - borrower Non Judicial foreclosure - *CO: Public trustee has power to foreclose 1.Lender complains 2. Notice given 3. trustee sells after 125 days Strict foreclosure - No sale. Full legal title given to lender, loss of equity for borrower Judicial foreclosure - done through courts in *Title Theory states Conversion...

NMLS Safe Test Mortgage Licensing Practice Exam Q's with Complete Solutions 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? TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owner-occupied, r...

Xinnix Final Exam Questions With Answers A veteran has the ability to transfer a portion of their entitlement to another veteran. False 1. Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on the purchase of their new home. False Based on the following scenario, does the borrower qualify within FNMA guidelines? PITI: $1,725 monthly Income: $7,000 Debt: $700 car payment, $375 student loan ($2,250 balance), $...