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10 Cards in this Set
- Front
- Back
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What does ECOA prohibit discrimination against?
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sex, age, marital status, race, color, religion, national origin, receipt of public assistance, exercised rights under the Consumer Credit Protection Act
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How far should comparable properties be in the appraisal market approach?
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within one mile
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What is loan suitability?
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a term that refers to the matching of loan programs with the current financial circumstance of the borrower
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What is APR?
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Annual Percentage Rate
tells the borrower the total cost of financing a loan in percentage terms, as a relationship of the total finance charges to the total amount financed. it includes not just the interest rate on the note, but the total cost of the loan, including all other finance charges spread out over the life of the loan. |
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When must an applicant receive an adverse action notice if they do not qualify for a loan?
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within 30 days
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What is an aggregate escrow analysis used for?
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to make sure there are no escrow overages; to ensure that borrowers are not being forced to maintain any surplus over the allowed two month cushion
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What does Section 8 of RESPA state?
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it is prohibited for a mortgage professional to give or accept any sort of referral or kickback fee
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What agency is responsible for creating the regulations for TILA?
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The Federal Reserve
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What does LIBOR stand for and what is it's relation to mortgages?
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London Interbank Offered Rate
it is one of the main methods of determining ARM adjustments |
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What is a re-conveyance clause? |
it removes the lien on a property once the loan is paid off in full re-conveyance-remove |
