Timeline
The CD must be provided to the borrower ___ days before consummation.
Penalty for mortgage fraud
Up to $1mil and/or 30 years
Application
Form 1003
Kickbacks are covered under ___.
RESPA Section 8
A discount point.
1% of the loan amount
A servicer must send a servicing transfer notice ___ days before the transfer and the borrower has a ___ day grace period.
15, 60
Criminal penalty for violating RESPA
up to $10,000 and/or 1 year
Appraisal
Form 1004
A HCM is covered under ___
TILA Section 32 (HOEPA)
HPA requires PMI termination when the loan reaches ___ of the original value.
78%
Seasoned funds refers to money that has been in the bank for at least ___.
60 days
Civil penalty for violating section 8 of RESPA
3X the amount of money received
VA form outlining veteran's service and discharge status.
DD214
Escrow collections and other requirements are covered under ___.
RESPA Section 10
The UFMIP on a FHA loan
1.75%
The period to provide a refund for a tolerance violation is ___ days after consummation.
60
Criminal penalty for violating the fair housing act
$100,000/1
Tax Transcript Authorization
4506T
The servicing disclosure requirements are covered under ___.
Section 6 of RESPA
For most debts, if there is no payment showing, the underwriter will allocate a payment that is ___ of the remaining balance.
5%
The maximum age for credit documentation is ___ days.
120
Class action penalty for violating ECOA
lesser of $500k or 1% net worth
Form 2055
A HPML is covered under ___.
TILA Section 35
When using rental income, there is a ___ deduction for vacancy and maintenance.
25%