Tila required disclosures - Study guides, Class notes & Summaries

A market for the purchase and sale of existing mortgages designed to provide greater liquidity for selling mortgages is called the ________. secondary market The Federal agency established to restore Fannie Mae and Freddie Mac to a sound and solvent financial condition is _____. Federal Housing Finance Agency (FHFA) The ____ guarantee allows mortgage lenders to obtain a better price for their loan in the capital markets. Gov't. National Mortgage Association - Ginnie Mae T...

Real Estate Brokerage SAE - Champion's School of Real Estate 291 Questions with Verified Answers Search Engine Optimization (SEO) - CORRECT ANSWER The process of maximizing the number of visitors to a particular website by ensuring the website appears high on the list of results returned by a search engine. Fcebook Live - CORRECT ANSWER Video streaming through facebook. CoStar Database - CORRECT ANSWER Functions much like a residential MLS, connecting commercial agents with brokerages, ...

NMLS Test Outline Questions and Answers Already Passed RESPA disclosures? due dates? 3 days after application: Home loan tool kit Loan estimate List of HUD counselors Mortgage Servicing Disclosure Statement Know before you owe booklet Special Info Booklet 3 days before consummation: Initial Closing Disclosure AfBA disclosure At consummation: Final Closing Disclosure Initial Escrow Statement (45 days after closing) After closing: Annual Escrow Statement Servicing Transfer Statement (sen...

Most real estate transactions that involve mortgages are required by law to use - some specific forms for disclosure regarding the loan Loan Estimate and Closing Disclosure Forms help consumers determine - 1) Whether they can afford the loan 2) The relative cost of different loan offers, including the loan cost over time Lenders have been required to provide this type of disclosure for many years under the - the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act ...

(FCRA) Fair Credit Reporting Act - Regulation V - Gives consumers access to the same information about themselves that lenders use when making credit decisions Entitles consumers to free credit report upon adverse action or identity theft (Not Credit Score) allows consumers to dispute credit report Provides additional rights for identity theft victims and active duty military personnel (FCRA) Fair Credit Reporting Act - Regulation V Disclosures - A one-time written notice of derogatory inf...

The SAFE Act Chapter 6 Latest Update Graded A+ Nontraditional Mortgage Product Defined by the SAFE Act as any mortgage product other than a 30-year fixed rate mortgage; as defined by the Interagency Guidance on Nontraditional Mortgage Product Risk, allows a borrower to defer principal and, sometimes, interest. Registered Loan Originator A natural person who is employed by a depository institution that is regulated by a federal banking agency and is exempt from state licensing regulat...

When must a seller's agent or subagent initially disclose agency status to a buyer? - before buyer and buyer's agent discuss motivation and financial information In dual agency, the agent's duties are _____ to being a facilitator - reduced What statement would require full disclosure of all financing terms in compliance with TILA, Reg Z and RESPA - any number amount triggers full disclosure: 4.5% APR or $2000 down A _____foreclosure is material fact and it must be______. - filed foreclo...

1 REAL ESTATE STATE EXAM FOR OHIO REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE/ Fiscal Policy - -Treasury Department Monetary Policy - -Federal Reserve Bond Truth In Lending Act - -To provide standard disclosure procedures that all lenders must follow. Required so consumers will know exactly what they are paying for credit so they can compare Annual Percentage Rate (APR) - -The relationship between the cost of borrowing money and the total amount financed, represented by a percentage Us...

NMLS Practice Exam Questions and Answers RESP does not apply to: a) Loans secured by a lien on a principal dwelling b) Federally related mortgage loans c) Subprime mortgage loans d) Loans for business, commercial and agricultural purposes - Answer-d) Loans for business, commercial and agricultural purposes Under the Fair Credit Reporting Act, which of the following entities has the burden of protecting a consumer's privacy when his/her credit information is being reported? a)...

Section 32 of TILA correct answers Deals with consumer protection triggered by high cost loan scenarios. Deals with added provisions and protections that are required if a loan trips one of two thresholds, or both. 1) Points of fee thresholds 2) APR thresholds Section 10 of RESPA correct answers 1) Includes provisions so that the borrower is informed about the amounts taken for an escrow account and also protects the borrower from being overcharged by requiring an escrow amount analysis ...

Real Estate State Exam for Ohio Questions & Answers 2023-24 Fiscal Policy - ANSWER-Treasury Department Monetary Policy - ANSWER-Federal Reserve Bond Truth In Lending Act - ANSWER-To provide standard disclosure procedures that all lenders must follow. Required so consumers will know exactly what they are paying for credit so they can compare Annual Percentage Rate (APR) - ANSWER-The relationship between the cost of borrowing money and the total amount financed, represented by a perc...