MLS2 Flashcards
(31 cards)
The APN is used to aid in the assessment of property for:
tax collection
In most states, the only government official involved in a nonjudicial foreclosure is the
county recorder
Jack defaulted on his home mortgage payments. The lender obtained a court order to foreclose on the property. At the foreclosure sale, Jack’s house sold for $29,000 and the unpaid balance of his loan is $40,000. What must the lender do to recover the $11,000 Jack still owes?
Seek a deficiency judgment
A promissory note would usually contain each EXCEPT:
Physical description of the collateral.
Foreclosure would terminate:
Equitable right of redemption.
The primary purpose of the estoppel certificate is to
verify the loan payoff amount
The primary components of an ARM that effects the interest rate adjustments include the
index, margin, adjustment interval, interest rate caps, and payment caps
The basic difference between an FHA and a VA loan is:
FHA insures loans, VA guarantees them.
The primary participants that provide sources of funds in the financing of real estate include
savings and loan associations, commercial banks, credit unions, mortgage bankers, mortgage brokers, private individuals, and government programs Correct
VA guaranteed loans (lending sources) are made by
private lenders
TILA gives consumers the right to cancel certain credit transactions that involve a
lien on a consumer’s principal dwelling
Mortgage Bankers originate mortgage loans and resells them to
secondary mortgage lenders like Fannie Mae or Freddie Mac
How to calculate the dollar amount paid for a number of points:
.01 times the number of points times the base amount
Freddie Mac’s mission is to
to expand the secondary market for mortgages in the United States
The Equal Credit Opportunity Act (ECOA) makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of
race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract)
FannieMae, formerly known as the Federal National Mortgage Association (FNMA) is a Government Sponsored Enterprise (GSE) created in 1938, to expand the flow of mortgage money by creating a
secondary market
Section 8 of RESPA prohibits anyone from giving or accepting a fee, kickback or anything of value in exchange for referrals of settlement service business involving
a federally related mortgage loan
The primary distinction(s) between the primary and secondary mortgage market is:
The secondary market is fundamentally a holding or warehousing process.
The types of mortgages usually fit into three descriptive categories
FHA, VA and conventional
The secondary market is a source for the
purchase and sale of mortgages
The National Housing Act of 1934 created the
Federal Housing Administration and the Mutual Mortgage Insurance Fund
A mortgage bond is a bond secured by a
mortgage on one or more assets
The balance paid by the buyer on closing is paid to
: the closing agent
The state documentary stamp tax is calculated at the rate of
$0.35 per $100.(or fraction thereof) of the total amount of the note
