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19 Cards in this Set
- Front
- Back
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A buyer purchased a new residence for a builder for 350000. The buyer made a down payment of $30000 obtained a $320000 mortgage loan. The builder of the house paid the lender 3% of the loan balance for the 1st year and 2% for the 2nd year. This represented a total savings for the buyer of $16000. What type of mortgage arrangement is this? |
By down |
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Which of the following is not a participant in the secondary mortgage market A. Fannie Mae Be. Ginnie Mae C. Credit Union D. Freddie Mac |
Credit Union |
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One of the federal laws requiring disclosure to a loan applicant who is rejected for a loan on the basis of a credit report is? |
Fair credit reporting act |
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If by your seek a mortgage on a single family house comment they would be least likely to obtain the mortgage from? |
Life insurance company |
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The conservatorship of Fannie Mae and Freddie Mac is the responsibility of? |
Federal housing finance agency |
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What is the source of the rules that govern the use of realestate advertisement in all media, if they include mortgage financing terms? |
Regulation Z of the truth and lending act |
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A developer received a loan that covers 5 parcels of real estate and provides for the release of the mortgage lien on each parcel when certain payments are made on the loan. This type of loan arrangement is called |
Blanket loan |
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Funds for FHA insured loans are usually provided by |
Approved lenders |
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The provisions of regulation Z require all the following to be disclosed her residential buyer except A. Discount points Be. Brokerage commission C. A loan origination fee D. The loan interest rate |
Brokerage commission |
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What is the position of home equity line of credit in relation to the original lean (HELOC) |
Junior |
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Buyers purchased a model home and all its furnishings and appliances by using |
Package loan |
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The primary activity of Freddie Mac is to? |
Buy and pool blocks of conventional mortgages |
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The federal equal credit opportunity act allows lenders to discriminate against potential borrowers on the basis of |
Amount of income |
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The buyers of a residence in happy hollow have a mortgage that allows them to borrow additional funds that will be secured by the home at any time period they have a? |
Open end loan |
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Programs to help families purchase or operate family firms are provided by |
Farm service agency |
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If a lender agrees to make alone based on an 80% LTV, what is the amount of the loan of the property appraises 400 and 14500 and the sales price as a 116900? |
$91600 |
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The document that sets forth the maximum loan guarantee to which a veteran is entitled is? |
Certificate of eligibility |
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The law that requires lenders to find ways to help meet the housing needs of those of low and moderate income is |
Community reinvestment act |
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Which of the following requires that all advertising that references mortgage financing terms contained certain disclosures |
Truth in lending act regulation Z |
