Prime mortgage - Study guides, Class notes & Summaries

Name Clas Dat : s: e: CHAPTER 01—THE BUSINESS OF BANKING 1. A bank is a not-for-profit organization. a. b. True False False 1 BNKG.CFFT.3.LO: 1.1.1 - LO: 1.1.1 ANSWER: POINTS: LEARNING OBJECTIVES: 2. All federally chartered banks must be corporations. a. True ANSWER: POINTS: LEARNING OBJECTIVES: b. False True 1 BNKG.CFFT.3.LO: 1.1.1 - LO: 1.1.1 3. Commercial banks offer their services only to businesses. ANSWER: POINTS: LEARNING OBJECTIVES: 5. Issuing credit cards is ...

A __________ is a permanent change in one or more of the terms of a borrower's loan. Loan Qualification Loan Modification Loan Approval Loan Origination - Answer Loan Modification What time period must borrowers have in job history with the same employer to qualify? 2 months 6 months 1 year 2 years - Answer 2 years Unscrupulous actions carried out by a lender to entice, induce and/or assist a borrower in taking a mortgage that carries high fees, a high interest rat...

RECA Fundamentals of Mortgage Brokerage 2024 Exam AACI Correct Answer Accredited Appraiser Canadian Institute - designation granted by Appraisal Institute of Canada Accelerated Payments Correct Answer payment options stream whereby the monthly mortgage payment is either split in half or in quarters and is paid every two weeks (bi-weekly) or every week (weekly) Accredited Mortgage Professional - AMP Correct Answer national designation for mortgage professionals in Canada issued by the Ca...

Regulation B states that a creditor must provide an applicant a copy of all appraisals and other written valuations developed in connection with an application for credit that is to be secured by a first lien on a dwelling. For closed-end credit, the appraisal copy must be provided to the applicant at least ____ business days prior to consummation of the transaction correct answers 3 Regulation B, which implements ECOA, states that a creditor must provide an applicant a copy of all appraisals...

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...

Conventional Loan Front end 28% Back end 36% can go up to 45% to 50%(debt to income), backed by private lenders. AKA prime loans. Good credit, 20% down payment. May have interest only terms FHA Front end 31% Back end 43% Limited funds, bad credit, bankruptcy, high debt to income ratio. EEM (Energy) FHA Front end 33% Back end 45% VA 41% USDA Front End 29% Back End 41%, low-to-moderate income, must live rural area, no down payment, competitive rates. Bellow 115% median income. Loan...

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...

c - correct answer -Which remedies are available when a seller breaches a contract? a. A suit for specific performance b. Buyer gets deposit returned c. A or b but not both d. Notifying FREC b - correct answer -What term refers to the right of a mortgagor to stop a foreclosure process by paying the entire balance, interest and so on? a. Equity of estoppel b. Right of redemption c. Right of defeasance d. Equity of disposition d - correct answer -Which type of mortgage is...

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...

RECA Exam Study Guide Questions and Answers Rated A+ Carl, a real estate professional, is registered with Prime Plus Real Estate Ltd. He has listed his brother's house for sale with the brokerage. A real estate professional with another brokerage contacts Carl and asks to preview the property as she has a potential buyer. What level of disclosure must Carl provide? Disclosure level 1 When evaluating an ethical dilemma, the first step is awareness. An individual may become aware of ...