Prime mortgage - Study guides, Class notes & Summaries

__________ occurs if the lender chooses the hazard insurance company when the borrower allows the policy to lapse. - Forced-placed insurance "APR" means? - Annual percentage rate. This is the cost of credit expressed as a percentage. A borrower is refinancing his home. How much time does Reg Z give him to change his mind? - 3 days A co-borrower whose income is used to qualify must sign the: - Mortgage and the note A deed is: - A legal instrument that conveys title to real property. A fu...

What does TILA stand for? - correct answer Truth-In-Lending Act, Regulation Z What is a HELOC loan? - correct answer a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - correct answer LTV stands for - correct answer Loan to Value Define PMI and state what the acronym stands for. - correct answer Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it...

what is the industry term used to describe the sum of prices paid by a business's customers? -daily receipts -profit -profits less expenses -total revenues -total revenues historically, what concept have hospitality managers chiefly used to calculate their selling prices? -income -revenue -costs -profits -costs what is an algebraic equivalent of the formula: sales=costs+profit? -profit=sales-costs -costs=sales+profits -costs=profit-sales -prof...

Real Estate Finance 1 - Texas, Champions School of Real Estate – Finance Latest Update 100% Pass Loan Processing The process of collecting information about a borrower in order to build a loan file that will be used to make an underwriting decision. Underwriting The process of evaluating a borrowers loan application to determine the risk involved for the lender. Funding The process of transferring funds to a title or escrow company for disbursement. Servicing Sending monthly pa...

Champions School of Real Estate - Real Estate Finance Latest Update Rated A+ A loan unable to be sold to Fannie Mae or Freddie Mac (i.e. A sub-prime loan) Non- Conforming Loan VA Veteran's administration - assists veterans in the purchase of housing by guaranteeing loans) Seller's equity Cash price minus the loan balance A clause often found in a blanket loan allowing the borrower to obtain partial releases of specific lots by making required lump sum payments. Release Clause ...

Regulation B states that a creditor must provide an applicant a copy of all appraisals and other written valuations developed in connection with an application for credit that is to be secured by a first lien on a dwelling. For closed-end credit, the appraisal copy must be provided to the applicant at least ____ business days prior to consummation of the transaction correct answers 3 Regulation B, which implements ECOA, states that a creditor must provide an applicant a copy of all appraisals...

NMLS SAFE EXAM 2024 Questions With Verified Answers What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z What is a HELOC loan? - answera secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - answer LTV stands for - answerLoan to Value Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is i...

Which law regulates the activities of consumer reporting agencies and users of consumer credit reports? - FCRA Which agency manages the National Do Not Call Registry? - Federal Trade Commission Which act led to the Nationwide Mortgage Licensing System and Registry for the residential mortgage industry? - The SAFE Act Under ECOA, providing different terms of financing for a potential borrower who has poor credit scores due to a recent bankruptcy is considered? - Acceptable Which law s...

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 - Answer 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 - Answer 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 rat...

RECA Fundamentals of Mortgage Brokerage 2024 Exam AACI Correct Answer Accredited Appraiser Canadian Institute - designation granted by Appraisal Institute of Canada Accelerated Payments Correct Answer payment options stream whereby the monthly mortgage payment is either split in half or in quarters and is paid every two weeks (bi-weekly) or every week (weekly) Accredited Mortgage Professional - AMP Correct Answer national designation for mortgage professionals in Canada issued by the Ca...