Compucram - Study guides, Class notes & Summaries

A borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial hardship)? - Wednesday, Jan. 6 Who manages the National Do Not Call Registry? - Federal Trade Commission What federal legislation regulates credit reporting agencies and lenders concerning credit reporting? - FCRA What is not prohibited to be included in the loan terms for HOEPA covered i...

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The money to fund FHA loans is provided by correct answers lending institutions Broker Q lists seller Y's property under a 6 month exclusive agency listing agreement at 7% commission that runs from January 1st through June 30th. By early June there has been virtually no activity. The seller, frustrated with the progress, begins holding his own open houses and actually sells it by accepting an offer on June 15th. Seller Y owes Broker Q which of the following? correct answers Nothing. Manag...

Okay, because the buyer and seller have agreed to it correct answers A purchase and sales agreement stipulates that the earnest money deposit is placed in a separate interest-bearing Trust account, with any interest earned to be split between the buyer and seller. This is: Tell the cooperating broker that the check bounced correct answers If a client's earnest money check, upon being deposited in the broker's trust account, is returned for insufficient funds, the broker should: Turn it o...

Compucram Simulated Exam Questions with 100% Correct Answers | Latest Update 2024 | Verified

Seller Sally, listed with Broker Larry, sells her home to Buyer Bill for $200,000. Bill is represented by his own buyer's agent. An earnest money check for $2,000 is attached to the contract. After both parties have fully executed the contract, Larry deposits the check into his escrow account, per the contract instructions. Two days later, Larry receives notice that the check is being returned for "insufficient funds." What should Larry do first? correct answers contact Sally immediately and ...

CompuCram Pre-Assessment Questions with 100% Correct Answers | Latest Update 2024 | Verified

MLO Josh must provide a(n) _____ when quoting an interest rate and terms to a consumer who has inquired about mortgage loan interest rates correct answers Corresponding APR When an MLO receives an inquiry related to mortgage loan interest rates, a corresponding annual percentage rate (APR) must be provided to the inquiring consumer at the same time a rate quote is delivered. What document can be used as a tool for explaining the APR to an applicant? correct answers Loan estimate When a con...