Arm disclosure - Study guides, Class notes & Summaries

Real Estate Finance I-CHAMPIONS Exam | 60 Questions and Answers. The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price - Answer- B _________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing * - Answer- A A veteran can have more than one VA loan: (a) If the prior VA loan was paid in full and the property disposed of ...

Primary Mortgage Market - correct answer Where credit institutions originate loans C. The maximum the rate can increase over the life of the loan - correct answer When an ARM has rate caps of 5/2/6, the 6 refers to what? A. The maximum rate increase at the initial adjustment B. The start rate for the loan C. The maximum the rate can increase over the life of the loan D. The rate maximum the rate can decrease over the life of the loan B. The borrower qualified at the buydown rate - cor...

NMLS Safe Test Mortgage Licensing Practice Exam With Complete Answers 2024. 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? - correct answer TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - correct answer Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed...

SAFE-NMLS-MLO-CA Exam Study (FULL SET) ALREADY PASSED Fraud for profit is a complex scheme involving... multiple parties, including mortgage lending professionals, in a financially motivated attempt to defraud the lender of large sums of money. If a lender sells, transfers, or otherwise disposes of its interest in a mortgage and does not service the mortgage, the lender shall... provide a copy of the Closing Disclosure to the new owner or servicer of the mortgage as a part of the tr...

1. bank 2. commercial bank 3. savings & loans 4. credit union 5. mortgage broker 6. mortgage banker - 1. bank - full service 2. commercial bank - originate largest amount of loans without using depositor's funds. 3. savings & loans - smaller local banks that use depositors funds to originate residential mortgage loans. AKA savings bank or thrift 4. credit union - takes deposits from members and pay dividends. Offer high interest rates to depositors and low loan rates to borrowers. 5....

©BRAINBARTER 2024/2025 California DRE Salesperson Exam Questions With 100% Verified Answers. What is the concept of "fee simple" ownership? - answerThe most complete form of ownership in real estate, providing full possessory rights and responsibilities for an indefinite duration. Define "leasehold estate." - answerA tenant's right to occupy real estate during the term of the lease, typically without ownership of the property. What are restrictive covenants? - answerPrivate agreemen...

PSI Salesperson Real Estate Practice Exam Version 2 (2023/ 2024 Update) | Questions and Verified Answers|100% Correct Q: Even if a loan applicant's current income seems adequate to qualify for a certain loan, the Equal Credit Opportunity Act allows a lender to refuse the loan as a high risk if the applicant's main source of income is Answer: commission sales. Q: According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the following disclosures M...

5 rights under FACRA - 1. Right to adverse action notice 2. Free copy of credit report 3. Request credit score 4. The right to dispute incomplete or inaccurate information 5. Limit prescreened offers A registered LO means any individual who is an employee of ... - *a depository institution *A subsidiary that is- *owned and controlled by a depository institution and *regulated by a Federal Banking agency;or *An institution regulated by the Farm Credit Administration *And is registered and ...

PREPXL - Mortgage Loan Origination Activities: Exam Questions and answers/ Which of the following would not be found on the promissory note? Interest rate Loan terms Borrower name Legal description - -Legal description The acronym CHARM refers to which of the following? A disclosure law requiring the APR to be disclosed on balloon programs A booklet which must be given to a borrower applying for an adjustable-rate loan A booklet describing the Loan Estimate A disclosure requirement...

Utah Stringham Real Estate Exam Questions With 100% Verified Answers. 3/1 ARM - answerA loan with three years of the same rate then rate adjustments every year thereafter. 12 HOUR NEW AGENT COURSE - answerThe continuing education course required by the Utah Division of Real Estate for a new licensee's initial renewal period. 72-HOUR RIGHT OF RESCESSION - answerAll borrowers must receive this notice if the loan is a refinance loan. ABANDONMENT - answerWhen a tenant leaves a property befo...