Financing and Settlement Exam 2 Flashcards
1
Q
Truth in Lending Act applies to which type of loan transactions?
A
Single family home loan
2
Q
Right of rescission is how many days after signing
A
3 days
3
Q
Disclosure of estimated closing costs is required by
A
RESPA (Real Estate Settlement and Procedures Act)
4
Q
FHA requires flood insurance for…
A
100% of LOAN amount
5
Q
Examples of primary mortgage lenders are….
A
Banks, Credit Unions, Mortgage Lenders
6
Q
Who could be involved in both primary and secondary markets
A
Insurance company and pension plan
7
Q
Who guarantees Freddie Mack and Fannie Mae
A
Ginnie Mae (Government National Mortgage Assoc)
