Refinancing - 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...

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 __________________________. - ANSWER Predatory Lending. RESPA-Real Estate Settlement Procedures Act - ANSWER The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - ANSWER Home sellers from requiring home buyers to purchase title insurance from...

When applying for a loan, what is a fixed rate? - A loan that has a predetermined repayment interest rate What act prohibits discrimination based on race or color? - Civil Right Acts Of 1866 What is the financial document that contains a written promise to fulfill a certain payment? - Promissory note What is the term used to describe the act of replacing an existing mortgage with another? - Refinancing What are not examples of an appurtenant right? - Furnace, swimming pool, air conditioni...

Private ownership of real property rights is subject to certain restrictions, known as the four powers of government. Which of the following is NOT one of the four powers of government that restrict real property rights? - Deed Restrictions Items that have been installed or attached to the land or building in a permanent manner are considered which of the following? - Real Property Which of the following is able to perform a formal appraisal of real estate? - Only licensed appraisers Wh...

MLO SAFE NMLS SAFE TEST PRACTICE QUESTIONS WITH VERIFIED ANSWERS 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...

Loan-to-Value Ratio (LTV) - correct answer 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 - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers more than one piece of property. Wraparound Mortgage - c...

What does HMDA stand for? - ANSWER Home Mortgage Disclosure Act The Home Mortgage Disclosure Act is regulation ____ - ANSWER C HDMA requires certain lenders to report data regarding its - ANSWER home purchase and home improvement loan orginated For HMDA purposes, home purchase loans include the ____ of a loan used for home purchase - ANSWER refinancing

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...

Accounting for costs of incentive programs for frequent customer purchases involves - Recording an expense and a liability each period The accounting concept that requires recognition of a liability for customer premium offer is - The matching principle When a material gain contingency is probable and the amount of the gain can be reasonably estimated, the gain should be - disclosed, but not recognized in the income statement The main difference between accounting for a rebate and a cash d...

An appraiser may be liable for all of the following except: - Negligence - Misrepresentation - Fraud - Low value - Low value For appraisal purposes, market value may be defined as: - The highest offer - The amount of the loan commitment - The most probable selling price - The asking price - - The most probable selling price Appraisal is - The act or process of telling the client the market value of the real estate - The act of process of developing an opinion of value - The repo...