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Any change in loan terms would constitute this
What is a Change of Circumstance?
The Equal Credit Opportunity Act (ECOA) was implemented by this Regulation
What is Regulation B?
A creditor must notify an applicant of action taken concerning the creditor’s approval of, counter offer to, or adverse action on the application within this time period of receiving a completed application
What is 30 days?
This is an elaborate criminal scheme with the sole intent of netting a large sum of money
What is Fraud for Profit?
A loan with a completed application that is not moving forward may either need to be this or this
What is Adverse or Withdrawn?
This organization uses flood maps to determine flood zones
What is FEMA?
This is an estate under which the owner has an unrestricted right to convey /dispose of the property
What is Fee Simple?
A subordination agreement assures that a second lien will be in this position after a refinance
What is second position?
These are the two types of fraud prevalent within the mortgage industry
What are Fraud for Profit and Fraud for Property?
This document authorizes another individual to act on behalf of the borrower
What is Power of Attorney?
These are the 6 pieces of information that constitute a formal loan application
What are Address, Loan amount, Income, Estimate of property value, Name, Social Security Number?
A.L.I.E.N.S.
This is the minimum credit score when applying for a mortgage under TX50a6
What is 620?