A repayment mortgage - Study guides, Class notes & Summaries

Mort 202 Grande MOD 1 Questions and Answers 100% Pass Question: What is the primary function of a mortgage in real estate transactions? Answer: The primary function of a mortgage is to provide a loan to a borrower for purchasing real estate, with the property itself serving as collateral for the loan. Question: How does the interest rate affect the total cost of a mortgage over its term? Answer: The interest rate directly impacts the total cost of a mortgage; a higher interest rate...

HECM EXAM QUESTIONS AND ANSWERS LATEST 2024 (142 QUESTIONS). A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - ANSWER- E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining fe...

The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: a. 0. b. 0.01% of the Maximum Claim Amount. c. 1% of the Maximum Claim Amount. d. 1.25% of the Maximum Claim Amount. - ANSWER-b If repairs are required but can be completed after closing, the lender will create a repair set-aside in the amount of: a. 15% of the maximum claim amount. b. 100% of the actual cost of repairs. c. 100% of the estimated cost of...

UCE Practice Exam Questions & Answers 2024/2025 How does a bank ensure that it has perfected its lien on real estate held as collateral? A. perform a Uniform Commercial Code (UCC) search B. verify lien status with the tax assessor C. obtain a list of prior lien holders from the borrower D. perform a title search after the deed of trust or mortgage is filed E. obtain a preliminary title opinion prior to filing the lien - ANSWERSD. perform a title search after the deed of trust or mort...

Lockout provisions are primarily intended to reduce the lender's Correct Answer-Reinvestment Risk Which of the following repayment mechanisms is NOT used for long term commercial mortgages? Correct Answer-Alt-A Which mortgage type is the most commonly used instrument to finance commercial property? Correct Answer-Balloon mortgage Which financing structure provides the lender with a portion of the cash flows from operation as well as scheduled mortgage payments? Correct Answer-Joint-Ven...

HECM EXAM QUESTIONS AND ANSWERS LATEST 2024 (142 QUESTIONS). A Counseling Agency's failure to follow all basic requirements required by HUD could result in which of the following: A. Termination of agency's HUD approval B. Suspension of agency's HUD approval C. Forfeiture of remaining federal grant funds D. Fines and or imprisonment E. a , b , and c F. all of the above - ANSWER- E. Termination of agency's HUD approval Suspension of agency's HUD approval Forfeiture of remaining fe...

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? - ANSWER-TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - ANSWER-Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owneroccupied, residential refinance? - ANSWER-After 3 business-day rescission period W...

Real Estate Exam FL Sales Associate Questions and Answers 100% Pass Absentee Owner - Correct Answer ️️ -A property owner who does not reside on the property and who usually relies on a property manager to oversee the investment Abstract of Title - Correct Answer ️️ -A compilation of the recorded documents relating to a parcel of land from which an attorney may give an opinion as to the condition of title (a history of title) Acceleration Clause - Correct Answer ️️ -A condition...

"Equity" meaning - The market value of the property, less the outstanding balance of the mortgage and any other financial obligation registered against the property 2 reporting agencies in Canada that keep credit history data - Equifax Canada and TransUnion of Canada 2 rights of a lender (for mortgages) - Right to 1. assign the mortgage 2. be paid under the terms of the mortgage 2 ways to calculate interest (related to interest rates) - simple interest and compound interest 3 criteria/q...

Guarantee Correct Answer-A promise made by one party to share responsibility for the debts of another party Mortgage Correct Answer-An interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt Promissory note Correct Answer-A promise or an engagement in writing to pay a specified sum at a time therein stated or on demand or at sight to a person named therein Debtor Correct Answer-One who owes a debt Payee Correct Answer...