Purpose of ecoa - Study guides, Class notes & Summaries

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular company...

MLO SAFE NMLS Test Practice Questions Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purcha...

ECOA INFO & Exam (2024) LATEST QUESTIONS WITH CORRECT ANSWERS!!

Functional obsolescence - Answer- Refers to the loss in desirability of the style, layout or function of an element of a property over time Sales comparison - Answer- best indicator of value for existing properties highest and best use - Answer- the legal use for property that gives the greatest return in money and/or amenities external obsolescence - Answer- the loss in value of a property caused by factors outside the property itself principle of contribution - Answer- suggests the...

Mckissock Basic Appraisal Principles Exam Questions and Answers Latest Update 2024/2025 | Graded A+. Appraiser - ANSWER One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. report - ANSWER any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client or a party authorized by the client upon completion of an assignment. narrative report - ANSWER A written communication of the r...

MLO SAFE NMLS Safe Test Practice Questions And Answers (Verified And Updated) Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - answerPredatory Lending. RESPA-Real Estate Settlement Procedures Act - answerThe Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - a...

Basic Appraisal Principles - Chapter 2 Study Guide Questions with Complete Answers The transfer of money from low interest-bearing accounts to higher interest-bearing accounts is referred to as disintermediation recession surplus productivity profiteering disintermediation In 1987, eight U.S. appraisal organizations formed the National Association of REALTORS The Appraisal Foundation the Appraisal Subcommittee Appraisers without Borders The Appraisal Foundation True or False? The Board ...

Which federal law requires that the Good Faith Estimate be provided to the borrower within three business days of the time, a loan application is taken? A. ECOA B. HMDA C. RESPA D. TILA - Answer- C What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? A. extreme lending B. loan flipping C. property skimming D. reverse equity - Answer- B After a loan closing, funds are disbursed. When are the funds dis...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular company...

ECOA Exam Review Questions and answers/ ECOA stands for - -Equal Credit Opportunity Act ECOA is regulation.. - --Regulation B -"B Equal" What has oversight over ECOA - --CFPB-Consumer Financial Protection Bureau ECOA Purpose - --To keep lender and brokers from discriminatory practices -To ensure applicants have equal rights of opportunity when being considered for a loan What does ECOA NOT guarantee - --Does not guarantee that someone who falls under a protected class will be given ...