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17 Cards in this Set
- Front
- Back
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Which of the following charges have 10% tolerance? |
government recording charges |
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a consumer has the right to inspect his hud-1 settlement how many buisness days prior to closing? |
1 day |
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inclusion of the premium for single-premium credit life insurance in the principal loan amount without the borrower's informed consent is one example of |
packing |
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The federal regulation that implements the real estate settlement procedures act is |
regulation x |
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which of the following contains information about the penalty for providing fradulent answers on the 1003? |
the uniform residential loan application |
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the period between raate changes in an ARM is called the |
adjustment period |
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included in the servicing of a mortgage loan are the collection and / or remittance of payments that include interest, principal and escrow items for the |
-lender -mortgagee -mortgagor |
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interest only has what feature? |
can be paid off faster than fully amortized loans |
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What is the function of FNMA and FHLMC |
to buy loans from banks and other lenders. |
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Service release premium represents |
the profit a bank makes when selling the servicing rights to a loan. |
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Which of the following is NOT true regarding the ratios used to determine whether an applicant will be able to repay his loan? |
if the applicant satisfies the housing expense ratio, he need not satisfy the debt ratio |
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What agency is TILA regulated by? |
CFPB, Federal law |
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Fannie mae requires that a borrower maintain property insurance equal to |
the lesser of the insurable value of the improvements or the loan balance. |
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Who orders table funding "when closing in their own name"? |
the broker or third party |
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The uniform residential loan application includes a section requesting info for government monitoring applicants must complete this section |
only if they wish |
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The truth in lending act requires that a borrower be given how many copies of his right to rescind? |
2 copies |
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Under TILA, if the creditor fails to properly notify consumers of the right to rescind, the consumer has an extended rescission period of how long? |
3 years |
