Mortgage Loans Origination Activities Flashcards

1
Q

Disclosures to the borrower

A
ALIENS:
A-address for subject property
L-loan amount
I-income of borrower
E-estimate of value for subject property
N-name of borrower
S-SSN of borrower
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2
Q

FNMA Form 1003

A

Uniform Residential Loan Application (URLA) also referred to the 1003. Standardized government/industry form

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3
Q

Fee Simple Estate

A

Property and house are owned. Owner has unconditional power of disposition (ability to sell the property) during his life and transfers to heirs if they die. Most common

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4
Q

Leasehold

A

“Ground Rent”: land upon which the house is built is not owned, subject to a long term lease. May or may not pass to heirs if they die, lease must be longer than the mortgage

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5
Q

Life Estate

A

Borrower only owns the property while he is alive. When death occurs reverts back to the original Grantor (person who transferred title to borrower)

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6
Q

Estate

A

How is the property owned

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