Appraisals Flashcards
1
Q
Who are considered “Covered persons”?
A
Anyone involved in a loan transactions. Those providing settlement services, appraisers creditors and loan officers.
2
Q
What are “covered transactions”?
A
It’s an extension of consumer credit that is or will be secured by the consumers principle dwelling. This includes a new purchase to any open-ended transaction like a line of credit or a reverse mortgage.
