#2 facts Flashcards
(36 cards)
HUD/FHA insurance premiums are usually paid by the:
Borrower
The federal housing administration
Insures Loans
When is the servicing disclosure provided to the borrower
3 business days after application
Which of the following real estate appraisal methods considers the replacement value of a property?
cost approach
What transaction would require “your home loan toolkit?”
a new home purchase
What does annual analysis do?
reviews taxes and insurances for the year
Which document should be recorded?
Mortgage
Which of the following disclosures must have a statement the payment or loan terms can change?
adjustable rate mortgage disclosure
When can a FHA/VA loan be assumed?
If it says that it is available in the mortgage contract
a borrower pledges property as security for a loan without giving up possession of it?
hypothecation
If the amounts paid by the consumer at closing exceed the prescribed tolerance thresholds, a creditor must refund the excess to the consumer no later than
within 60 calendar days after consummation
A home equity loan is a _____ end loan
Closed end
A HELOC is a _____ end loan
Open end
If the amounts paid by the consumer at closing exceed the prescribed tolerance thresholds, a credit must refund the excess to the consumer no later than
within 60 calendar days after consummation
FHA-insured loans are funded by
approved lenders
A mortgage servicer is required to respond to a payoff within ____ days of the request
7 days
A mortgage servicer may contact a homeowner who has missed a payment in ___ days
36 days
You cannot file a pre foreclosure notice of default NOD until payment is ____ days late
120 days
If a borrower is required to pay alimony or child support it must be included as a
Liability
a type of wholesale lending arrangement where brokers are permitted to originate, close, and fund loans using a warehouse line of credit
Table Funding
What is a method of transferring property to a new owner who takes over an outstanding mortgage debt, along with the liability of repayment, without incurring a change in terms?
Assumption
This federal law amended TILA and other mortgage related laws and mandated the implementation of additional rules to improve consumer protection
Dodd Frank Act
A suspicious Activity Report must be filed within _____ days.
30 calendar days
The purpose of an annual escrow account is to prevent escrow _________
shortages
