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15 Cards in this Set
- Front
- Back
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The TERM of a Loan is
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FIXED
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The TERM of a line of Credit is
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VARAIBLE
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The Rate of a Loan is
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FIXED
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The Rate for a Line of Credit is
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VARIABLE
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The Payment amount for a Loan is generally
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FIXED
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The Payment for a Line of Credit is generally
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VARIABLE
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Disbursement for a Loan is generally
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At Closing in a lump sum amount
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Disbursement for a Line of Credit is generally
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REVOLVING
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LTV
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Loan to Value Ratio- Loan amount divided by the collateral.
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APR
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Annual Percentage Rate- Always quote this for a Loan
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APY
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Annual Percentage Yield
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APD
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Automatic Payment Deduction - If taken customer gets .25 % deduction on the rate.
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APD applies only to
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Loan Products
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What must be done anytime a loan has anything to do with a Home/residential dwelling.
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HMDA information must be collected/completed.
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HMDA ensures
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Government moniters Banks to make sure their lending practices are fair.
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