The Homeowner's Protection Act is meant to facilitate the cancellation of
No worries, learning is a process!
, All ARM loans are 30 year PMI
terms. First # represents initial
period of interest rate stability. - "lender paid" mortgage
7/1 has stable interest rate for insurance (normally in form of
first 7 years, then adjusts higher note rate) NOT covered
annually thereafter for by HPA
remaining 23 years.
Which fee is not considered when calculating the APR?
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application fee
NMLS-approved courses are accepted for credit...
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in any state
A complete application includes 6 criteria
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, 1. Consumer's name
2. SSN
3. Income
4. Address of property to secure loan
5. Estimate of the value of the property securing the loan
6. Loan amount sought
All but which of the following documents is an informational disclosure?
a) CHARM booklet
b) Closing Disclosure
c) Mortgage Servicing Disclosure Statement
d) When Your Home is on the Line: What You Should Know About Home Equity Lines
of Credit
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closing disclosure
individual who has no property rights but is fully obligated to the debt.
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obligated non owner
examples of a prepaid
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, 1. per diem interest
2. 6 months worth of real estate taxes
3. two months worth of PMI
The four elements of mortgage fraud, as defined by Fannie Mae, are:
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1. intent, 2. misrepresentation
3. omission
4. neglect
What does the Patriot Act deal with
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money laundering and terrorist financing
The Appraiser Independence Requirements (AIR) states that lenders must:
a. Use only independent, non-employee appraisers
b. Allow the borrower an option to obtain their own second appraisal if the property
value is in dispute
c. Report appraiser misconduct to the appropriate state certifying agency
d. Use a third-party management company to ensure separation of the appraisal
function from the lender's loan production activities
Give this one a try later!
No worries, learning is a process!
, All ARM loans are 30 year PMI
terms. First # represents initial
period of interest rate stability. - "lender paid" mortgage
7/1 has stable interest rate for insurance (normally in form of
first 7 years, then adjusts higher note rate) NOT covered
annually thereafter for by HPA
remaining 23 years.
Which fee is not considered when calculating the APR?
Give this one a try later!
application fee
NMLS-approved courses are accepted for credit...
Give this one a try later!
in any state
A complete application includes 6 criteria
Give this one a try later!
, 1. Consumer's name
2. SSN
3. Income
4. Address of property to secure loan
5. Estimate of the value of the property securing the loan
6. Loan amount sought
All but which of the following documents is an informational disclosure?
a) CHARM booklet
b) Closing Disclosure
c) Mortgage Servicing Disclosure Statement
d) When Your Home is on the Line: What You Should Know About Home Equity Lines
of Credit
Give this one a try later!
closing disclosure
individual who has no property rights but is fully obligated to the debt.
Give this one a try later!
obligated non owner
examples of a prepaid
Give this one a try later!
, 1. per diem interest
2. 6 months worth of real estate taxes
3. two months worth of PMI
The four elements of mortgage fraud, as defined by Fannie Mae, are:
Give this one a try later!
1. intent, 2. misrepresentation
3. omission
4. neglect
What does the Patriot Act deal with
Give this one a try later!
money laundering and terrorist financing
The Appraiser Independence Requirements (AIR) states that lenders must:
a. Use only independent, non-employee appraisers
b. Allow the borrower an option to obtain their own second appraisal if the property
value is in dispute
c. Report appraiser misconduct to the appropriate state certifying agency
d. Use a third-party management company to ensure separation of the appraisal
function from the lender's loan production activities
Give this one a try later!
