Reverse mortgage 4 Study guides, Class notes & Summaries

ETS MFT BUSINESS EXAM The principal difference between variable costing and absorption costing centers on: a) whether variable manufacturing costs should be included as product costs b) whether fixed manufacturing costs should be included as product costs c) whether fixed manufacturing costs and fixed selling and administrative costs should be included as product costs d) none of these. General Bikes is debating which marketing research options to employ. The traditional p...

According to the Truth-in-Lending Act, a variation up to what amount is permitted for the annual percentage rate in a regular fixed-rate mortgage transaction as quoted in the Loan Estimate? 1% .5% .125% .25% - Answer-.125% The term "subordination" refers to: The process of releasing a lien The process of recording a lien The process of one lienholder accepting inferior lien priority in favor of another The process of researching a lien - Answer-The process of one lienholder accepting...

Reverse mortgage 4

SCH-MGMT 333 Exam 2 Questions And Answers 1. Assume an elderly couple owns a $140,000 home that is free and clear of mortgage debt. A reverse annuity mortgage (RAM) lender has agreed to a $100,000 RAM. The loan term is 12 years, the contract interest rate is 9.25 percent, and payments will be made at the end of each month. A. What is the monthly payment on this RAM? B. Fill in the following partial loan amortization table C.What will be the loan balance at the end of the 12-year ter...

Reverse mortgage 4

NMLS Final Exam Questions With Answers Latest Updated 2023-2024 | 100% Verified. 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 7 days The APR must be finalized at least how many days before closing? - ANSWER 3 days A company with which a consumer has an establ...

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...

HECM Counseling Certification Exam Questions and Answers 100% Pass Non-recourse - Answer- Borrower has no obligation to pay back more than the value of the home Proprietary Reverse Mortgage - Answer- A loan offered by a particular lender, not federally insured. Generally target homeowners with high home values How is loss risk controlled? - Answer- Relating the total amount of the loan advances to the life expectancy of borrower (age), value of home, and cost of loan Federally-Insured Re...

HECM Counseling Certification Exam Questions and Answers 100% Pass Non-recourse - Answer- Borrower has no obligation to pay back more than the value of the home Proprietary Reverse Mortgage - Answer- A loan offered by a particular lender, not federally insured. Generally target homeowners with high home values How is loss risk controlled? - Answer- Relating the total amount of the loan advances to the life expectancy of borrower (age), value of home, and cost of loan Federally-Insured Re...

HECM Counseling Certification Exam Questions and Answers 100% Pass Non-recourse - Answer- Borrower has no obligation to pay back more than the value of the home Proprietary Reverse Mortgage - Answer- A loan offered by a particular lender, not federally insured. Generally target homeowners with high home values How is loss risk controlled? - Answer- Relating the total amount of the loan advances to the life expectancy of borrower (age), value of home, and cost of loan Federally-Insured Re...