Mod 1
Mod 2
Mod 3
Mod 4
Free Category
100
Any person who regularly extends,renews, or continues credit. Loan originators, lenders and other mortgage professionals are included in this definition.
What is a creditor
100
Money that a lender earns from a loan. The rate of this depends on the market rates for the type of loan and the qualifications of the borrower.
What is Interest
100
This Is voluntary for loan applicants. If they decline to provide the demographic information in this section, loan originators should make a best guess based on visual observation.
What is The Government Monitoring Section of the 1003
100
Practice of denying, or charging more for services to residents in particular, often racially determined, areas.
What is redlining
100
Characters name who coached of the Mighty Ducks in the original and sequal
What is Gordon Bombay
200
He/She is permitted to request discontinuation of PMI. The Homeowner’s Protection Act sets the requirement for discontinuation of PMI. It is at the lenders discretion to permit discontinuation - the borrower must be current on payment.
What is When a borrower’s LTV reaches 80%...
200
A document used in place of a mortgage to secure the payment of a promissory note
What is A deed of trust
200
Based on a loan amount, loan term, and loan-to-value. It is required on all FHA loans is collected as an upfront premium and on a monthly basis.
What is how the annual MIP determined
200
When lenders were willing to fund low-documentation and non-documentation loans, borrowers took advantage of these products by inflating their stated income and enhancing their other qualifications.
What is liar loans
200
The main characters name in the movie Wolf of Wall Street
What is Jordan Belfort
300
enacted to facilitate the cancellation of private mortgage insurance
What is The Homeowners Protection Act
300
: Is the method used to transfer title for a property following full payment of a loan. This is typically used with a deed of trust.
What is a reconveyance clause
300
An appraisal method which compares the subject property to recently-sold comparable properties in close proximity. It is also called the “market approach.”
What is the sales comparison approach
300
This is an individual who accepts a fee to provide their name, social security number, and other personal information for use on a mortgage application.
What is a straw buyer
300
This is the type of women that loooooove Adam
What is black women
400
: - Good Faith Estimate (RESPA) - Settlement Cost Booklet (RESPA) - Mortgage Servicing Disclosure Statement (RESPA) - Truth In Lending Disclosure Statement (TILA) - CHARM Booklet (TILA) - Variable-rate program disclosures (TILA) - Home equity plan disclosures (TILA) - Notice of Right to receive an appraisal report (ECOA) are all examples of
What is Disclosures due within 3 business days of a loan application
400
To provide sources of funds for lenders. This is accomplished in the secondary market through securitization.
What is the purpose of Fannie Mae
400
The ratio of the principal loan balance to the appraised value of the property. This is used in borrower qualification to access risk.
What is the LTV
400
This law is intended to facilitate the prosecution of those who commit mortgage fraud and to increase the financial resources that are available to investigate and prosecute fraud cases.
What is the Fraud Enforcement and Recovery Act (FERA)
400
The Name Of The main Character In BLOW
What is Boston George Jung
500
Purchases -Refinances -Home Improvement Loans -Pre-Qualifications must also be reported, along with their disposition are all examples of
What is Transactions reported under HMDA
500
A payment made by a lender to a loan originator for originating a loan at a rate higher than the par rate
What is YSP
500
States that a loan has a payment or loan terms that can change. When a borrower obtains this, which is secured by their principal dwelling and has a term of more than one year, creditors must provide the special disclosures.
What is the Adjustable-Rate Mortgage Disclosure
500
These people are responsible for ensuring that loan applicants meet the requirements established by lenders and investors for loan programs
What is underwriters
500
this is what anthony likes for his drink at starbucks
What is black tea lemonade, more lemonade than tea, 1 pump of peach, extra ice
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