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20 Cards in this Set

  • Front
  • Back

respa is administered by


if a loan amount is $220,000 interest 4.75% , what would the per diem loan amount be?


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.

respa does not require lender disclosures for what type of loans

construction loams

what is the purpose of freddie and fannie

create a secondary market for purchaseloans

what disclosure would show if a loan has a balloon payment

TIL statement

interest only has what feature

can be paid off faster than fully amortized

which entity is responsible for determening financial responsibility for state licensed lo, lenders, brokers.

state regulator

an independent contractor is responsible for doing what?

become state licensed as a LO

an advertisement that states the number of payments needed to pay off a loan, contains what

a trigger term

as per the safe act a lo must submit what to the nmls

reports of condition

a mortgage loan orginator must present their unique identifier where?

solicitations, advertisements,website, applications

jim has a adjustable with a payment cap that allows him to pay less than he has to

negative amortization

the charges on GFE are binding for how many days?

10 days

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

fannie mae requires occupany within how many days?

60 days, just like fha

what does not appear on the HUD

title fees, discount pts, apr, down payment on purchase transactions

what was the tila created for?

to allow consumers to shop rates and fees

how much of a cushion is a lender allowed for tax reserves?

2 months

what is a feature of an arm?

the loan amount never increases