Mortgages

Question 1

What is a cash out refinance?

Answer 1

Increasing current mortgage balance and refinancing interest rate to cover and/or pay off other expenses.

Question 2

A interest only, short term loan, typically from 2 weeks to 3 years in length. Generally used when trying to sell current residence and buying a new residence.

Answer 2

Bridge Loan

Question 3

A lump sum, interest only loan backed by home collateral. This loan type is not revolving and not amortizing.

Answer 3

Regular Single Advance

Question 4

Where do we go to find home values online? And what is the login information?

Answer 4

Value check online.com

User: efirstbank.com
Password: 123456

Question 5

What is an MLA?

Answer 5

Mortgage Loan Amortized

Question 6

What is the D screen in CICS?

Answer 6

Customer Relationship

Question 7

What is the F Screen in CICS?

Answer 7

All Customer Accounts

Question 8

What loans at FirstBank are covered by RESPA/ Regulation X?

Answer 8

Any loan secured by a first or subordinate lien on residential real property

Question 9

Business loans fall under RESPA (T/F)

Answer 9

False, business loans are exempt from RESPA requirements

Question 10

Requires meaningful and timely disclosures to consumers concerning the costs associated with financing a house.

Answer 10

Real Estate Settlement Procedures Act (RESPA)

Question 11

Provides protection to consumers by applying tolerances to disclosed fees.

Answer 11

RESPA

Question 12

Prohibits the payment of referral fees or fees for services not actually performed.

Answer 12

Real Estate Settlement Procedures Act (RESPA)