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Definitions > #2 facts > Flashcards

#2 facts Flashcards

1
Q

HUD/FHA insurance premiums are usually paid by the:

A

Borrower

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2
Q

The federal housing administration

A

Insures Loans

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3
Q

When is the servicing disclosure provided to the borrower

A

3 business days after application

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4
Q

Which of the following real estate appraisal methods considers the replacement value of a property?

A

cost approach

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5
Q

What transaction would require “your home loan toolkit?”

A

a new home purchase

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6
Q

What does annual analysis do?

A

reviews taxes and insurances for the year

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7
Q

Which document should be recorded?

A

Mortgage

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8
Q

Which of the following disclosures must have a statement the payment or loan terms can change?

A

adjustable rate mortgage disclosure

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9
Q

When can a FHA/VA loan be assumed?

A

If it says that it is available in the mortgage contract

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10
Q

a borrower pledges property as security for a loan without giving up possession of it?

A

hypothecation

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11
Q

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

A

within 60 calendar days after consummation

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12
Q

A home equity loan is a _____ end loan

A

Closed end

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13
Q

A HELOC is a _____ end loan

A

Open end

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14
Q

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

A

within 60 calendar days after consummation

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15
Q

FHA-insured loans are funded by

A

approved lenders

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16
Q

A mortgage servicer is required to respond to a payoff within ____ days of the request

A

7 days

17
Q

A mortgage servicer may contact a homeowner who has missed a payment in ___ days

A

36 days

18
Q

You cannot file a pre foreclosure notice of default NOD until payment is ____ days late

A

120 days

19
Q

If a borrower is required to pay alimony or child support it must be included as a

A

Liability

20
Q

a type of wholesale lending arrangement where brokers are permitted to originate, close, and fund loans using a warehouse line of credit

A

Table Funding

21
Q

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?

A

Assumption

22
Q

This federal law amended TILA and other mortgage related laws and mandated the implementation of additional rules to improve consumer protection

A

Dodd Frank Act

23
Q

A suspicious Activity Report must be filed within _____ days.

A

30 calendar days

24
Q

The purpose of an annual escrow account is to prevent escrow _________

A

shortages

25
Q

A loan contains prepayment penalties. Which of the following documents would a borrower review to confirm this?

A

Servicing agreement and promissory note

26
Q

What is the most common method for appraisal

A

comparable sales approach

27
Q

Which act requires that a lender tell a borrower that they have been denied?

A

ECOA

28
Q

What is the name of the issuer of mortgage backed securities that is backed by the full faith and credit of united states treasury

A

Ginnie Mae

29
Q

Amendments to which of the following federal laws created requirements for the verification and documentation of a borrowers repayment ability?

A

HOEPA Section 35

30
Q

Fannie and Freddie securitize what type of mortgage loans?

A

Conventional

31
Q

Federal Housing Administration does what?

A

Insures Loans

32
Q

MIP is mandatory on which loan:

A

FHA

33
Q

The cost of funds index is traditionally used to determine interest rates on what type of loans

A

ARM

34
Q

What is Fannie Mae’s purpose in the secondary Market?

A

To provide a source of funds for lenders

35
Q

Borrowers principal loan balance to the appraised value of the property is what ratio?

A

LTV ratio

36
Q

An amount paid by the lender to a third party originator for locking a borrower’s interest rate at a rate higher than par

A

Yield Spread Premium

Definitions (4 decks)

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