Principal loan originator - Study guides, Class notes & Summaries

Loan-to-Value Ratio (LTV) 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 Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage Covers more than one piece of property. Wraparound Mortgage Method of financing which preserves the low, ...

An Approve/Eligible determination: 1. Is an indication that a property appraised for its sales price 2. Authorization to release funds in a refinance transaction 3. An automated loan approval from the Fannie Mae Du system 4. A recommendation that is received by the Freddie Mac loan prospector automated underwriting system. - 3. An automated loan approval from the Fannie Mae Du system.. this means that the borrower meets the credit requirements and all other loan factors are acceptable. The...

"Integration" is - depositing cahs and then using that cahs to purchase real estate folowed by using that real estate as collateral on a loan which is paid back with large cash payments "Placement" is - the process of introducing unlawful proceeds into the financial system a 100k loan has a 7.5% payment cap and a current monthly payment of 1k At the next adjustment payment could not be increased more than - 1075% bc the 7.5% cap is on the payment not the mortgage a 2/1 buydown - reduce...

In January of 2020, Wella and Kip agreed to purchase a home at a purchase price of $546,300. They would like to hold onto as much of their savings as they can, but they have chosen to make a down payment sufficient enough to qualify for a conforming loan. What is the minimum down payment they can make to reach the conforming loan limit but still retain savings? - $47,900 - $35,900 - $95,800 - $54,900 - $35,900. The down payment in this scenario will be $35,900. This is just enough to kee...

Office of Financial Regulation (OFR) - The Office. Regulatory authority in Florida. Responsible for overseeing banks, credit unions, savings associations, etc. Licenses and regulates non-depository finace entities. Financial Services Commission (The Commission) The head of the Office of Financial Regulation and the Office of Insurance Regulation. Its memebers include the Governor, Attorney General, Chief Financial Officer and Commissioner of Agriculture Commission. responsible for final...

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...

Wrongful or criminal deception intended to result in financial or personal gain is called: - Answer- fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - Answer- 90 days __________ extend above the surface without limitation. - Answer- air rights An example(s) of an appurtenance would be: - Answer- easements There is no upper limit on the value of a Texas homestead. - Answer- true A(n) __________ is one that combines some of ...

An Approve/Eligible determination: 1. Is an indication that a property appraised for its sales price 2. Authorization to release funds in a refinance transaction 3. An automated loan approval from the Fannie Mae Du system 4. A recommendation that is received by the Freddie Mac loan prospector automated underwriting system. - Answer 3. An automated loan approval from the Fannie Mae Du system.. this means that the borrower meets the credit requirements and all other loan factors are acceptab...

The SAFE Act Ch 6 Exam Questions With 100% Correct Answers Nontraditional Mortgage Product - answerDefined by the SAFE Act as any mortgage product other than a 30-year fixed rate mortgage; as defined by the Interagency Guidance on Nontraditional Mortgage Product Risk, allows a borrower to defer principal and, sometimes, interest. Registered Loan Originator - answerA natural person who is employed by a depository institution that is regulated by a federal banking agency and is exempt from ...

CO REAL ESTATE CONTRACTS & REGULATIONS EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ Real Estate Recovery Funds - -This is a fund maintained specifically for reimbursing members of the public who have been injured by a licensee's actions or omissions in a real estate transaction, and who have no other recourse against the licensee. A recovery fund is usually funded with a portion of the license application and renewal fees collected by the state's real estate licensing agency Transact...