Unit 5 gfe 1 - Study guides, Class notes & Summaries

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...

Unit 5 GFE (1) with complete solution

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...

Unit 5 GFE (1).

MLO SAFE NMLS Safe Test Practice Questions And Answers (Verified And Updated) 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 __________________________. - answerPredatory Lending. RESPA-Real Estate Settlement Procedures Act - answerThe Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - a...

Resource Hierarchy - Parent/Child Relationship structure - Resembles a file system - Top-down policy inheritance with policy controlled by IAM - Each child object can only have one parent - Org -> Folders (Optional) -> Projects -> Resources Organization - Root node - Organization Admin Role created - Full power to efit any/all resources Notable Organization Roles - Org. Policy Admin: Broad control over all cloud resources - Project Creator: Find-grained control of project cr...

MLO SAFE NMLS Safe Test Practice Questions And Answers (Verified And Updated) 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 __________________________. - answerPredatory Lending. RESPA-Real Estate Settlement Procedures Act - answerThe Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - a...

NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Document Content and Description Below NMLS Questions with accurate answers, 2022/2023 updates, Graded A. Acceleration Clause - Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed a s predatory lending) Alienation Clause (Due on Sale Clause) - Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVC...

XINNIX FLIGHT SCHOOL questions and answers latest top score. The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. - correct answers.True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA - correct answers.3 years What are the steps you should follow to determine the correct MI? - correct answers.LTV, term, product type, occupancy type and coverage. Typically,...

XINNIX FLIGHT SCHOOL questions and answers latest top score. The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. - correct answers.True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA - correct answers.3 years What are the steps you should follow to determine the correct MI? - correct answers.LTV, term, product type, occupancy type and coverage. Typically,...