Which law regulates advertising with references to mortgage interest rates
What is Truth-In-Lending/ TILA/ Reg Z
100
A loan adjustment based on LIBOR is affected by ___ ___ ___ ___
What is London Interbank Offered Rate
100
___ ___ ___ is a commission that brokers earn from lenders for originating a loan with an interest rate higher than par rate
What is Yield spread premium YSP
100
The document that qualified veterans must obtain from the VA in order to apply for a VA guaranteed home loan
What is Certificate of Eligibility
100
Two types of conventional mortgages
What are conforming and non-conforming
200
What time frame is an ABA Disclosure provided if a settlement service provider refers the applicant to an affiliated business
What is at the time a referral is made
200
What schedule details the principal and interest payments due on a loan
What is amortization schedule
200
The amount of money acceptable for referrals fees
What is -0-. nothing of value
200
A legal document that pledges a property to the lender as security for payment of a debt
What is Mortgage
200
What type of loan is not obtained through the Federal Housing Administration, The Veterans Affairs, orthe US Department of Agriculture
What is conventional
300
What Is required within 30days of an application if a lender denies a mortgage loan
What is adverse action notice
300
Increasing loan balance resulting from application of periodic payments creates ___
What is negative amortization
300
An opt-out notices gives borrowers the ability to limit sharing of their personal information with parties necessary to complete a specific transaction under ___ ____ ___ Act
What is Gramm-Leach-Bliley Act (GLB)
300
A legal document that obligates a borrower to repay a mortgage loan and which specifies the terms by which repayment will occur
What is The Note
300
3.5% down payment is required for___ loan
What is FHA
400
Which law prohibits practices such as steering and red lining
What is Equal Credit Opportunity/ECOA/Regulation B
400
What factor a lender analyzes in order to determine if a borrower will be financially able to meet the demands of loan pymt
What is size of the borrowers existing debt burden (DTI)
400
When a ficitious borrower obtains a mortgage loan and "secures" it with fictitious property
What is AIR Loan
400
___ ___ ___ ___ was created for the protection of consumers and encouraging responsible behavior within the industry by mandating licensing/registration and 20 hour education requirements
What is Secure and Fair Enforcement Act (SAFE Act)
400
Allow an older homeowner to use equity in their homes to meet the expenses of living
What is reverse mtg
500
The Real Estate Settlement Procedures Act is regulated by
What is HUD
500
Mortgage insurance purchased from a private (non-governmental) insurance company. Often required by a lender when LTV on a conventional loan exceeds 80%
What is Private motgage insurance (PMI)
500
The best way to prevent mortgage fraud is
What is use common sense
500
___ ___ is a fee paid to lender at closing and used to prepay a portion of the interest on the loan. Charged so that the note rate can be lower than the prevailing market rate.