Tila trigger terms - Study guides, Class notes & Summaries

Principles of Real Estate 2 Champions School of Real Estate ECOA (equal credit opportunity act) all consumers are given a equal chance to obtain credit. Truth in Lending Act (TILA) protect consumers in credit transactions by requiring a clear disclosure of the key terms on the lending agreement and all costs. specifies requirements found in regulation z. trigger terms 1. amount of down payment. t of any payment 3. number of payments or period of repayment 4. amount of any finance ...

Loan-to-Value Ratio (LTV) - correct answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers more than one piece of property. Wraparound Mortgage - c...

Champions Real Estate Finance Exam Study Guide (New 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| A Grade QUESTION Truth in Lending Act (TILA) A United States federal law that is designed to protect consumers in any credit transactions by requiring clear disclosure of key terms of lending arrangments all associated cost. QUESTION Trigger Terms Answer: Specific credit terms that may not be advertised unless the advertisement includes other detai...

NMLS Practice Questions with Correct Answers A borrower has gone to settlement for a cash-out refinance on Tuesday for his principal residence. His rescission period is over at midnight on Friday. According to the provisions specified under federal law, what is the first possible day the loan could fund? - Answer-Saturday The amount of the down payment, the amount of the finance charge, or the number of payments needed are all examples of _______________ under TILA. - Answer-Trigger Terms...

NMLS SAFE EXAM QUESTIONS AND ANSWERS ALREADY PASSED Where credit institutions originate loans Primary Mortgage Market When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan C. The maximum the rate can increase over the life of the loan When utilizing a temporary ...

NMLS Test Outline Questions and Answers Already Passed RESPA disclosures? due dates? 3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing Disclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At consummation: Final Closing Disclosure Initial Escrow Statement (45 days after closing) After closing: Annual Escrow Statement Servicing Transfer Statement (sen...

According to the FCRA, when must a credit agency give a consumer a free copy of his credit report? A.)If the loan application is denied because of information in the report B.) Whenever he request it A.)If the loan application is denied because of information in the report A Consumer comes into your office to apply for a loan. The Home Mortgage Disclosure Act requires you to collect information about her race. If she does not wish to provide information for that section of the application, ...

NMLS PRACTICE TEST EXAM PROFIENCY HARD QUESTIONS 2022- 2024 / NATIONWIDE MORTGAGE LICENSING SYSTEM PRACTICE TEST HARD QUESTIONS WITH CORRECT ANSWERS|53% AND ABOVE PASSRATE GUARANTEE MUST NOT MISS  FEDERAL MORTGAGE RELATED LAW  UNIFORM STATE CONTENT  GENERAL MORTGAGE LAW  MORTGAGE LOAN ORIGINATION  ETHICS An annual escrow analysis is used to do which of the following? A. Ensure the loan is properly amortized B. Prevent escrow overages C. Reduce burden on the servi...

1 REAL ESTATE STATE EXAM FOR OHIO REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE/ Fiscal Policy - -Treasury Department Monetary Policy - -Federal Reserve Bond Truth In Lending Act - -To provide standard disclosure procedures that all lenders must follow. Required so consumers will know exactly what they are paying for credit so they can compare Annual Percentage Rate (APR) - -The relationship between the cost of borrowing money and the total amount financed, represented by a percentage Us...

NMLS PRACTICE TEST 2023 QUESTIONS WITH COMPLETE SOLUTIONS An annual escrow analysis is used to do which of the following? A. Ensure the loan is properly amortized B. Prevent escrow overages C. Reduce burden on the servicer D. Report underwriting errors -CORRECT ANSWER -- B. Prevent escrow overages The disclosure requirements of RESPA would apply to which of the following loans? A. A loan to purchase 75 acres of land B. A farm loan C. A loan to purchase a property that includes a g...