An up-front premium is charged on FHA loans used to purchase all of these EXCEPT - ANSWER-condominium
A mortgage broker is - ANSWER-an
... [Show More] intermediary
In Texas, which does a purchaser receive at the foreclosure sale? - ANSWER-Whatever title the borrower had
A typical loan origination fee is - ANSWER-1% of the loan amount.
Which type of property can be purchased under a land contract? - ANSWER-Unimproved acreage and residential
Which type of lien is the deed of trust on a property? - ANSWER-Voluntary, specific
One way a borrower can obtain a conventional loan with a lower down payment is by - ANSWER-obtaining private mortgage insurance.
Where must a mortgage document or deed of trust be recorded? - ANSWER-The recorder's office of the county in which the real estate is located
Under the federal ECOA, the borrower is entitled to a copy of the - ANSWER-Appraisal report
In a nonjudicial foreclosure, if the borrower does not timely cure the default, the lender - ANSWER-may accelerate the debt.
A buyer and seller enter into a real estate sales contract. Under the contract's terms, the buyer will pay the seller $500 a month for ten years. The seller will continue to hold legal title while the buyer will live in the home and pay all real estate taxes, insurance premiums, and costs for regular upkeep. Which type of contract do the buyer and seller have? - ANSWER-Land Contract
Under the Truth in Lending Act, which of the following is NOT a trigger term? - ANSWER-APR
A type of foreclosure that allows the property to be sold by court order is - ANSWER-Judicial forclosure
Which of the following is an example of a negotiable instrument? - ANSWER-Note
RESPA is a federal law that was enacted to protect consumers from all of the following in the settlement process EXCEPT - ANSWER-excessive broker commissions.
To lower the interest rate, a purchaser would - ANSWER-Purchase a buydown
In an FHA loan, payment points are negotiated between the - ANSWER-buyer and seller
If a property has an appraised value of $350,000, and the borrower obtains a $325,000 conventional loan, what is the approximate LTV? - ANSWER-93 percent
If the buyer defaults on the land contract, the seller - ANSWER-can evict the buyer.
If a property sold at a mortgage foreclosure sale does not bring an amount sufficient to satisfy the outstanding mortgage debt, the mortgagor may be responsible for - ANSWER-a deficiency judgment.
What does the loan origination fee cover? - ANSWER-Costs involved in generating the loan
The Truth in Lending Act is regulated by - ANSWER-the federal government
Many lenders require that borrowers provide a reserve fund, which is also called - ANSWER-an escrow account
In a land contract, the buyer - ANSWER-has possession during the term of the contract.
Another term for savings associations is - ANSWER-Thrifts
Some lenders derive added income from - ANSWER-servicing loans.
Which of the following BEST defines a reverse mortgage? - ANSWER-An older person borrows money against the equity they have built in his home
Which document is available to the borrower when the loan secured by a deed of trust is completely repaid? - ANSWER-Release deed
Loan servicing includes - ANSWER-bookkeeping
In a deed of trust, the mortgage company is also called the - ANSWER-beneficiary
When the loan secured by a deed of trust has been paid in full, the borrower requests a - ANSWER-deed of reconveyance.
Which of the following is an economic indicator? - ANSWER-Index [Show Less]