Reverse mortgage defined - Study guides, Class notes & Summaries

NMLS Study Guide Questions with Correct A The purposes of RESPA are - Answer-To help consumer become better shoppers for settlement (closing) services AND to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services The origins of RESPA - Answer-Enacted in 1974 and became effective in June 1975. HUD administered and enforced RESPA and Regulation X until July 21, 2011 when CFPB took control under the Dodd-Frank Act. Define "mortgage broke...

CFA Level 1 - 101 Must Knows 368 Questions with Verified Answers Addition Rule of Probability - CORRECT ANSWER ADDITION: P(A or B) = P(A) + P(B) - P(AB) Roy's Safety First Criterion - CORRECT ANSWER Safety First Ratio = (E(R) - Rₜ) / σ Larger ratio is better If (Rₜ) is risk free rate, then it becomes Sharpe Ratio Sharpe Ratio - CORRECT ANSWER Sharpe Ratio = (E(R) - RFR) / σ Larger ratio is better If (Rt) is higher than RFR, then it becomes Safety First Ratio Centra...

NMLS Exam Questions With Answers Latest Updated 2024 (Graded A+) A lender has how many days to refund excessive variances on a Closing Disclosure? - ANSWER 60 days Lender has how many days after settlement to refund any portion of charges on the HUD-1 that exceeded the acceptable variance - ANSWER 30 days TILA disclosure must be given to the applicant within how many days after receiving the signed loan application for a reverse mortgage - ANSWER 3 business days Truth in lending disclosure...

NMLS Exam Practice Questions With Answers - Latest Updated 2023-2024. Lender has how many days after settlement to refund any portion of charges on the HUD-1 that exceeded the acceptable variance - ANSWER 30 days TILA disclosure must be given to the applicant within how many days after receiving the signed loan application for a reverse mortgage - ANSWER 3 business days Truth in lending disclosure must be delivered within how many business days prior to closing a reverse mortgage - ANSWER ...

MA Real Estate Exam Study Guide 2024 Appraisal -Answer-An estimation of a property's value, usually prepared by a professional who is licensed in this field. Brokerage -Answer-The business of bringing people together in a real estate transaction. Commerical -Answer-The types of properties that include office spaces, shopping centers, stores, theaters, hotels, parking facilities, etc. Development -Answer-The term for the construction of improvements upon the land. Elevation Certificate -...

NMLS License Exam Questions and Answers (Graded A) NMLS License Exam Questions and Answers (Graded A) NMLS License Exam Questions and Answers (Graded A) As defined in Regulation X, which implements RESPA, ____ means a person (other than an employee of a lender) that renders origination services and serves as an intermediary between a borrower and a lender in a transaction involving a federally related mortgage loan. - ANSWER-mortgage broker If applicable, an Affiliated Business Arran...

Mortgage Administrator - ANSWER An individual or entity that enforces payments by borrowers ON BEHALF OF LENDERS OR INVESTORS. Mortgage Administrators must be licensed. Public Register of licensees - ANSWER A registry required to be maintained by FSCO that provides access to licensee information Regulated activities - ANSWER As defined by the MBLAA, any activities that require a license which are currently listed as dealing or trading in mortgages and mortgage lending Tied Selling - ANSW...

MA REAL ESTATE EXAM STUDY GUIDE EXAM REVIEW / VERIFIED/ Appraisal - -An estimation of a property's value, usually prepared by a professional who is licensed in this field. Brokerage - -The business of bringing people together in a real estate transaction. Commerical - -The types of properties that include office spaces, shopping centers, stores, theaters, hotels, parking facilities, etc. Development - -The term for the construction of improvements upon the land. Elevation Certificate ...

NMLS License Exam Questions and Answers Latest 2024 As defined in Regulation X, which implements RESPA, ____ means a person (other than an employee of a lender) that renders origination services and serves as an intermediary between a borrower and a lender in a transaction involving a federally related mortgage loan. mortgage broker If applicable, an Affiliated Business Arrangement Disclosure form must be provided to a consumer at the time of the referral or before Brainpower ...

As defined in regulation X, which implements respa, _____ means a person (other than an employee of a lender) That renders origination services and serves as an intermediary Between and a lender in a transaction involving a federally related mortgage loan. Answer Mortgage broker The _____ Became effective June 20, 1975, what's the purpose of helping illuminate unnecessary increases in the cost of certain settlement services due to kick backs and referral fees. Answer Real estate settlement p...