Reverse mortgage 4 - Study guides, Class notes & Summaries

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content Exam Questions With Verified Answers What does UST stand for? - answerUniform State Test Who does the CFPB protect? - answerThe Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - answerCFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for,...

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 REVERSE MORTGAGE EXAM QUESTIONS AND ANSWERS 100% PASS HOME EQUITY - Answer- HOME VALUE MINUS LIENS ON THE HOME PURPOSE OF A REVERSE MORTGAGE - Answer- GENERATE CASH FORWARD MORTGAGE PURPOSE - Answer- THE ORDINARY MORTGAGE MOST PEOPLE USE TO PURCHASE HOME FORWARD MORTGAGE - Answer- BORROWERS EQUITY INCREASES OVER TIME THE LOAN BALANCES DECREASES AS PAYMENTS ARE MADE TO LENDER REVERSE MORTGAGE - Answer- RISING DEBT FALLING EQUITY TRANSACTIONS HECM BASIC FEATURES - Answer- THE BORROWE...

NMLS Exam Questions with Correct A Acceleration Clause - Answer-Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - Answer-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - Answer-home valuation code of conduct Due on Demand Clause - Answer-(Considered a predatory practice) The lender ...

Real Estate National Exam with Verified Answers 1. How does a creditor who has ob- tained a judgement get satisfaction against a debtor who will not pay? 2. The economic characteristics of land are? 3. What lease would best suit couples needs who are looking for tempo- rary housing? 4. The land description T3N, R4W Principal Meridian refers to what type of property description? 5. Crops that require annual planting are generally considered to be? 6. A distinguishing characteristic ...

In the sale of property, there is often confusion over whether an item is a fixture or personal property. What is the best way to avoid this confusion? o :## Specify questionable items of property in the written sales contract. The main difference between tenancy in common and joint tenancy is that with tenancy in common, when a co-owner dies, o :## his undivided interest passes to his heirs. A legal easement can be created by any of the following EXCEPT o :## merger of the titles. A t...

Xinnix Ground School Questions and Answers Already Graded A first-time homebuyer - Answer ️️ -Someone who has never owned a home Move-up homebuyer - Answer ️️ -Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. Relocation Homebuyer - Answer ️️ -Purchasing a new home in a different city or state due to job transfer or personal desire Affluent homebuyer - Answer ️️ -Well seasoned in home buying process. Knowledgeable, fin...

A buyer is to assume an existing loan of $80,000 at 9.5% with the approval of the lender. The interest on the loan, which is paid in arrears, would appear on the closing statement as: A.A single entry; debit to the seller B.A single entry: credit to the buyer C.A double entry: debit to the seller, credit to the buyer D. A double entry: credit to the seller, debit to the buyer - C. a double entry: debit to the seller, credit to the buyer. When a loan is assumed there is no new loan being e...

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content Exam Questions With Verified Answers What does UST stand for? - answerUniform State Test Who does the CFPB protect? - answerThe Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? - answerCFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for,...

: According to the common law of agency, a licensee has which of the following obligations to an individual that prefers to remain a customer rather than become a client? - Answer-HONESTY AND FAIR DEALING "Without both parties' written consent, the broker is prohibited from representing both a seller and a buyer in the same transaction," defines: - Answer-DUAL AGENCY A asked you to appraise their property. This property had no monthly income and had no comparables in the market. You wou...