Regulation N, also known as the MAP.
What is Mortgage Acts and Practices?
An agreement between a borrower and a lender in which the borrower conveys an interest in a property to the lender as a security for the loan
What is a mortgage?
Conforming conventional loans.
What are Fannie Mae and Freddie Mac?
FHA requires this minimum amount down.
What is 3.5%?
If the 1st loan amount is $432,000, the sale price is $450,000 and the home appraised at $451,000, this would be 96%.
What is LTV?
Fair Credit Reporting Act
What is FCRA?
This is the stage in which a mortgage loan originated.
What is loan production?
Insured by the Federal Housing Administration against loss by foreclosure
What is an FHA loan?
Zero percent down is only offered by which loan type?
What is USDA?
If the LO has a borrower that is an hourly employee, the LO would need to calculate this by the number of hours worked, then multiply that answer by 52, and then divide by 12 in order to get the monthly gross income.
What is hourly wage?
Right to adverse action notice, right to a copy of the credit report, right to request credit score, right to dispute negative or inaccurate information, and the right to limit prescreened offers.
What are the five rights of Regulation V or the Fair Credit Reporting Act?
The URLA or the 1003
What is the name for a mortgage loan appliation?
102% financing.
Requires lenders to disclose geographic distribution of loans and applications.
What does HMDA require?
They make the credit decision and analyze the creditworthiness and willingness to pay of the borrower.
What is an underwriter?
Jumbo loans, ALT-A, A-Loan, Sub-prime and seller financed.
What are non-conforming loan programs?
Home Ownership and Equity Protection Act, 1994
What is HOEPA?
Anything of value in exchange for business referrals
What is a kickback?
This loan type requires borrowers to be 62 years old or over.
What is a reverse mortgage?