Row 1
What does ALIENS stand for?
Address of property
Loan Amount
Income
Estimate value of property
Name
SSN
What is a business day? (delivery definition)
Every day the company is open to public for regular business activities
What is a business day? (Waiting definition)
Every day Except Sunday and legal public holidays.
What is a fiduciary responsibility?
Agent acting in the best interest of the borrower.
What reg is HMDA (Home Mortgages Disclosure Act) under?
Reg C
What does ROT stand for?
Reverse & rentals
Open-end loans
Trailers (mobile homes not attached to real property)
AfBA
Affiliated Business Arrangement
What does 15/15/60 mean?
Transferring entity gives notice with in 15 day before effective date. (goodbye letter)
Receiving entity gives notice with in 15 days after effective date. (hello letter)
allowed to make payment to old lender during 60 days after effective date with out penalty. (window of protection
Is a fiduciary required by the state or fed?
Not required under federal law. Only required under a few states.
What reg is MAP (Mortgages Acts and Practices) under?
reg N
What does SKTE stand for?
Servicing
Kickbacks, unearned fees, and fee-splitting
Title
Escrow account
When is the initial escrow statement due?
with in 45 days of settlement
What does #PDF mean?
# of payments
Payment amount
Down payment
Finance charges
When is the annual escrow statement due?
Due with in 30 days of completion of escrow year.
What reg is FCRA (Fair Credit Reporting Act) under?
Reg V
What does CHARM stand for in CHARM booklet?
Consumer Handbook on Adjustable Rate Mortgages
What is the difference between the Primary market and the Secondary market?
Primary market is the consumer market
Secondary market is existing loans are bought and sold. Provides a source of funds to primary market
Seller concession credit. Who gives them and what %
FHA=6%
VA=4%
Conforming 3,6,9% based on LTV 10,20,25
E-sign act. Prior to consent (signing), does the info regarding hardware and software need to be stated/given.
yes
What does FinCEN stand for?
Financial Crimes Enforcement Network
What does IRRRL stand for?
Interest Rate Reduction Refinance Loan
What are the big 3 credit reporting agencies?
Equifax, Transunion, and Experian
What is Blockbusting?
Getting a seller to sell homes based off of fear method. ("oh, other ethnicities are going to be moving in. Property values are going to decrease")
What reg is FDCPA (Fair Debt Collection Pracitces Act) under?
Reg F
What reg is MARS (Mortgage Assistance Relief Services) under?