A Package deal for mortgage loan origination exams 2023

Abandonment voluntary relinquishment of all right,title,claim,and possession,with the intention of not reclaiming it Abatement the suspension or cessation in whole or in part, of a continuing charge, such as rent Absolute Title Title which is exclusive to the person who has it, No o...

Uniform state test Regulation H Secure and a Fair Enforcement for mortgage licensing act of 2008 Require licensing for LO's HERA (housing and recovery act of 2008) Focused on Subprime lending practices NMLS Nationwide mortgage licensing system and registry State lice...

Section 32 of TILA Deals with consumer protection triggered by high cost loan scenarios. Deals with added provisions and protections that are required if a loan trips one of two thresholds, or both. 1) Points of fee thresholds 2) APR thresholds Section 10 of RESPA 1) Includes provisions s...

Which law regulates reporting of a consumer's credit history? FCRA ECOA RESPA PATRIOT Act The correct answer is A. The Fair Credit Reporting Act regulates the reporting of a person's credit. It requires credit reporting agencies to attempt to maintain accurate reports and to limit acc...

An application for a mortgage loan has been denied and, as required by Regulation B, an Adverse Action Notice has been delivered to the applicant. Which of the following is not included on the Adverse Action Notice? a. Disclosure of the applicant's credit score b. Statement of reasons for credit ...

Which is the largest secondary market participant? Freddie Mac A____________ clause that permits the lender to have certain stated rights when there is a transfer of ownership in the property. So, this limit the debtor's right to transfer property without the creditor's permission. Aliena...

ECOA - REG B Equal Credit Opportunities Act If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then Lender has 30 days to deliver HMDA - REG C Home Mortgage Disclosure Act Found in: Section 10 of 10-03 Loan App Government Monitoring Section Elim...

Alt-A Loan A type of loan in which the risk is greater than prime, but less than subprime. The borrower may have a strong credit history, but the mortgage may have elements that increase risk. Risk issues could include higher loan-to-value and debt-to-income ratios, or lack of documentation about t...

Federal reserve system Established a federal charter for banks that permitted them to make real estate loans. Federal Deposit Insurance Corporation (FDIC) Created by the banking act of 1933. This allowed the banks to have a continued source of funds make more mortgage loans. Insures bank...

10 months Consumer debts that have less than how many months remaining do not need to be included for the purpose of calculating debt ratios? 5% If the credit report does not show a minimum payment amount, the lender should use an amount that equal to what percent of the outstanding balance...

What does RESPA stand for? The Real Estate Settlement Procedures Act (Regulation X) What does ECOA stand for? Equal Credit Opportunity Act (Regulation B) What does TILA stand for? Truth In Lending Act (Regulation Z) What does TRID stand for? TILA-RESPA Integrated Disclosure ...

Prequalification an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio 29/41 FHA ratio 31/43 Asset based loan -loans based on borrowers equity -bad when lenders fail to consider ability to repay ...

Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? Loan f...

There are many kinds of insurance required by lenders. FHA requires: Mutual Mortgage Insurance (MMI). What is the commonality of finance charge, APR, payment schedule, and amount financed? Truth in Lending Act, required disclosures under the implemented by Regulation Z. The use of f...