What is a refi loan - Study guides, Class notes & Summaries

What does TILA stand for? - ️️Truth-In-Lending Act, Regulation Z What is a HELOC loan? - ️️a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - ️️ LTV stands for - ️️Loan to Value Define PMI and state what the acronym stands for. - ️️Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? - ️️Disabled veterans and su...

XINNIX FLIGHT SCHOOL EXAM QUESTIONS AND ANSWERS The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. - Answer- True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA - Answer- 3 years What are the steps you should follow to determine the correct MI? - Answer- LTV, term, product type, occupancy type and coverage. Typically, files that have to be manually underwritten are subject to less st...

2024 Hud Final Exam Prep (Questions And Answers) Types of Credit Used - CORRECT ANSWER-Student loan or credit cards only FAKO scores - CORRECT ANSWER-purchase score which are educational score Fair Credit Reporting Act FCRA - CORRECT ANSWER-what is in file/dispute/remove 30 days/remove bad 7 yrs/bk 10 yrs/access limited/damages from violators/state rights Fair and Accurate Credit Transactions Act FACTA - CORRECT ANSWER-free cbrs/fraud alert/truncate cc #s Fair Credit Billing Act (FCBA...

What does TILA stand for? Answer Truth-In-Lending Act, Regulation Z What is a HELOC loan? Answer a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? Answer LTV stands for Answer Loan to Value Define PMI and state what the acronym stands for. Answer Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? Answer Disabled veterans and survivin...

NMLS SAFE EXAM QUESTIONS WITH SOLUTIONS What does TILA stand for? Truth-In-Lending Act, Regulation Z What is a HELOC loan? a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? LTV stands for Loan to Value Define PMI and state what the acronym stands for. Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? Dis...

The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. Correct Answer True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA Correct Answer 3 years What are the steps you should follow to determine the correct MI? Correct Answer LTV, term, product type, occupancy type and coverage. Typically, files that have to be manually underwritten are subject to less strict guidelines. Correct Answer ...

What does TILA stand for? - Truth-In-Lending Act, Regulation Z What is a HELOC loan? - a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - LTV stands for - Loan to Value Define PMI and state what the acronym stands for. - Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? - Disabled veterans and surviving spouses. USDA loans are also calle...

NMLS SAFE EXAM 2024 Questions With Verified Answers What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z What is a HELOC loan? - answera secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - answer LTV stands for - answerLoan to Value Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is i...

A lender generally charges a lower interest rate on a housing loan because: A the loan is secured against the property. B they are required to do so by the Consumer Credit Act, 1995. C the loan is unsecured. D they are required to do so by the Consumer Protection Code. - ANS A 1.2 - Individual Loan Needs Finn buys a car by taking out a Personal Payment Plan (PPP). When will Finn be the legal owner of the car? A As soon as the contract is signed. B After he pays an initial de...

NMLS SAFE EXAM Questions and answers, VERIFIED/ What does TILA stand for? - -Truth-In-Lending Act, Regulation Z What is a HELOC loan? - -a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan? - - LTV stands for - -Loan to Value Define PMI and state what the acronym stands for. - -Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for? - -Disabled ...