which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and
Regulation Z implementing TILA? - answer FEDERAL
... [Show More] RESERVE SYSTEM
the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - answer
Acceleration Clause
at closing a borrower may deposit funds to establish reserves for which of the following? - answer TAXES AND
INSURANCE
in a qualification of an applicant who receives child support and alimony - answer CHILD SUPPORT INCOME
CAN BE GROSSED UP
a homeowner had a home worth 200k. he has an outstanding loan of 165k and a HELOC with a limit of 30k
which he has drawn 12k. Which of the following is not true? - answer His TLTV is 94%
you must calculate LTV, CLTV, and TLTV
TLTV is higher than CLTV and LTV
test mortgage transferred servicing rights of some of its mortgage loans to answer mortgage, Lender must
send a servicing transfer statement to the affected borrowers how many days before the effective date of
transfer? - answer 15 days before the effective date of transfer a Lender must send the servicing transfer
statement to the affected borrowers
following section IX (acknowledgements) in the 1003 loan application, the form is to be signed to signify that -
answer the applicant represents that all information contained in the form is truthfully represented
As the deadline approaches for the closing date established in the buyer's sale agreement, the buyer's loan
application has not yet been approved but seems to be headed for approval. the loan originator should... -
answer Notify the real estate broker to try to get an extension of closing deadline
The lowest payment option for an option ARM is - answer minumum payment
Fannie Mae requires occupancy with in - answer 60 days
The purpose of a Market Conditions Addendum is to - answer Provide the Lender with a clear understanding
of the market trends and conditions in a subject neighborhood
The ECOA prevents discvrimination against which of the following? - answer DISABILITIES
a 240/60, 20k loan is made with interest at 9% per year. Which is true? - answer this is a ballon loan with a loan
term of five years [Show Less]