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The CFPB was created as part of this act
What is Dodd-Frank?
This is the number of comparable properties a customer must present if they do not agree with an appraisal.
What is 3?
Any change in loan terms would constitute this
What is a Change of Circumstance?
Trust income can be used if it will continue for this amount of years from the date of the mortgage application
What is 3?
These are the basic compliance rules by which all loans must pass according to federal law
What are ATR & QM?
This is real estate purchased for making a profit
What is an investment property?
This is the maximum seller contribution allowed on a second home with an LTV of 65%?
What is 9%?
These are the two types of fraud prevalent within the mortgage industry
What are Fraud for Profit and Fraud for Property?
This document is required for qualifying purposes when using Social Security benefits
What is an Award Letter?
The Equal Credit Opportunity Act (ECOA) was implemented by this Regulation
What is Regulation B?
This is a deposit made by the potential home buyer to show he or she is serious about home purchase.
What is Earnest Money Deposit?
This is the abbreviation for the uniform appraisal form
What is URAR?
This is the minimum credit score when applying for a mortgage under TX50a6
What is 620?
This is the tax schedule required if a customer has income that's classified as capital gains.
What is Schedule D?
These business forms work in the same way because they both use a K1
What are 1065 & 1120s?
These are the three property purposes
What are Primary, Secondary & Investment?
These are the 3 Real Estate Appraisal valuation methods.
What are Sales Comparison Approach, Cost Approach, and Income Approach?
This organization uses flood maps to determine flood zones
What is FEMA?
This IRS form is used to report an S Corporation income
What is Form 1120s?
This loan type always requires mortgage insurance
What is FHA?
This is a right of way giving persons other than the owner access to or over a property
What is an easement?
This fee will always be present in the prepaids section of the Loan Estimate
What is pre-paid interest?
This is an estate under which the owner has an unrestricted right to convey /dispose of the property
What is Fee Simple?
On Form 1040 Schedule C, this line reflects net profit or loss
What is Line 31?
During the Quarantine, Dante spends most of his time doing this
What is Tracking Packages?