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20 Cards in this Set
- Front
- Back
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respa is administered by |
HUD |
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if a loan amount is $220,000 interest 4.75% , what would the per diem loan amount be? |
$28.63 |
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how does the rate charged for pmi on a 90% loan compare to a 95% loan |
it doesnt depend on the percentage rather the loan amount it's covering. |
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respa does not require lender disclosures for what type of loans |
construction loams |
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what is the purpose of freddie and fannie |
create a secondary market for purchaseloans |
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what disclosure would show if a loan has a balloon payment |
TIL statement |
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interest only has what feature |
can be paid off faster than fully amortized |
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which entity is responsible for determening financial responsibility for state licensed lo, lenders, brokers. |
state regulator |
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an independent contractor is responsible for doing what? |
become state licensed as a LO |
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an advertisement that states the number of payments needed to pay off a loan, contains what |
a trigger term |
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as per the safe act a lo must submit what to the nmls |
reports of condition |
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a mortgage loan orginator must present their unique identifier where? |
solicitations, advertisements,website, applications |
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jim has a adjustable with a payment cap that allows him to pay less than he has to |
negative amortization |
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the charges on GFE are binding for how many days? |
10 days |
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an investor has a rental property that he rents out for $1800 a month, how much can be counted on a fannie mae loan? |
75% of rental amt |
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fannie mae requires occupany within how many days? |
60 days, just like fha |
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what does not appear on the HUD |
title fees, discount pts, apr, down payment on purchase transactions |
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what was the tila created for? |
to allow consumers to shop rates and fees |
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how much of a cushion is a lender allowed for tax reserves? |
2 months |
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what is a feature of an arm? |
the loan amount never increases |
