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A teaser rate occurs in a Arm when the starting rate is less than the FULLY INDEXED RATE
Based on observation criteria lenders may decline a loan where area may be declining, but not for discretionary reasons. This will NOT BE CONSIDERED REDLINING
ECOA- B aka Reg B. Equal credit opportunity act prohibits asking questions regarding child bearing intentions or birth control
Which Act of 1968 guidelines and restrictions regarding the financing selling and renting real property?
The Civil Rights Act of 1968
AKA
Title VIII of the Civil rights act
Title VIII
The Fair Housing Act
Of the following Which is not required to be disclosed on the TIL statement ?
APR, note rate, finance charges, .Amount financed, total payments
Note Rate is NOT required
On convention Mortgage loans, The Underwriter makes all final decisions regrading approvals and counter offers .
RESPA-X REG.B applies to all 1-4 family property types
HOEPA stands for Home Ownership and Equity protection act.
Fannie is 28 and Mae is 35, Mae likes to date younger women .
28 maximum housing expense /36 total obligation ration for FNMA
28/36 ration
internal do not call list updates need to be done every 30 days
Va Permits secondary financing if the second loan pays all or party of the down payment or the 2nd loan is at a lower rate then the VA loan .
Va Guaranteed loans may conditioners residential income in addition to the total debt service ratio when qualifying borrower
Per Homeowner's Protection Act (HPA), Borrower can accelerate the cancellation date of required PMI premium by paying reducing the LTV
PMI is required when a loan exceeds 80%
conveyance transfers title from one person to the next person.
Reg Z aka TILA-Z and the ATR ability to repay in a arm the creditor must use the highest rate possible to qualify
Illegal Flipping when a property is sold at a higher price for no reason
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