Formulas
Monthly housing expenses + monthly debt/ GMI
Back End Ratio
A paid off car should be excluded from this item
What is a budget?
This legal claim against a property secures the property as collateral if a debtor fails to meet loan obligations.
What is a lien?
This act prohibited discrimination in housing sales, rentals, and financing based on race, color, national origin, and religion.
What is the Civil Rights Act of 1968?
Equifax, Transunion, and Experian
What are the 3 major credit bureaus?
pay x 26/12
What is Bi-Weekly pay
3 to 6 months is recommended for this?
What is an emergency fund?
This court order mandates a debtor pay a creditor a specified sum of money and remains on your credit report for seven years.
What is a judgement?
This act prohibited discrimination on the basis of color, race, or national origin in programs and activities that receive federal funding.
What is the Civil Rights Act of 1964
This is a line of credit from which you can borrow at any time during the draw period, up to your credit limit. The typical draw period is 10 years.
What is HELOC- home equity line of credit
Monthly housing expenses / monthly income
What is front end ratio?
This "C" is your ability to pay back your debt
What is Capacity?
This type of loan is considered in default when a payment has not been paid after 60 to 90 days
What is a conventional loan?
Act which requires lenders to disclose important information to borrowers in a variety of consumer finance transactions to protect consumers against inaccurate and unfair practices.
What is the TILA- Truth in Lending Act
This program permits homebuyers and homeowners to finance up to $35,000.00 into their mortgage to repair, improve,or upgrade their home.
What is a Streamlined 203k Loan?
Outstanding loan amount divided by sales price(appraisal)
What is the Loan to Value Ratio?
These fees are for the final transer of the property that are not included in the price of the property
What are the closing costs?
This "chapter" allows individuals to develop a plan to repay all or part of their debts over 3 to 5 years.
What is Chapter 13 bankruptcy?
This protected class rule allows an individual to request a reasonable accommodation and/or reasonable modification. (it's a specific class)
What is disability/handicap?
This program provides funding for state and local agencies to that enforce fair housing protections
What is Fair Housing Assistance Program FHAP
Monthly income- PITIA- Expenses
What is Surplus Income?
This is the earnings after deductions
What is net income?
This process occurs when the servicer moves forward with the foreclosure while simultaneously working with the borrower to avoid foreclosure.
What is Dual Tracking?
This law enforcing special disclosure requirements and restrictions on terms for loans that meet high-cost mortgage tests.
What is HOEPA- home ownership and equity protections act.
Business merchandise coverage, Incidental Business Liability, and Earthquake/Flood endorsements are also known as what?
What are Add-ons?