Now It's Time To REGULATE
Which organization is the most aggressive in tracking consumer complaints and the ultimate disposition of those complaints?
Consumer Financial Protection Bureau (CFPB)
True or False - Fannie Mae's Form 1004 is an acceptable appraisal report for a manufactured home.
False 1004C
Fill in the blank.
The number one goal of hedging is to preserve the ________ of a loan at time of rate lock.
Price
A conforming loan that meets the requirements of Fannie Mae & Freddie Mac.
A Conventional Mortgage
This is used in refinances and second mortgage transactions, does not require the use of this form.
HUD – 1A
Which regulatory agency has direct oversight over the day-to-day operations of Fannie Mae and Freddie Mac?
Federal Housing Finance Agency (FHFA)
Income from a sole proprietorship can be found on what schedule or form of the tax return?
Schedule C
A borrower is delinquent on his mortgage and gives the property back to the lender. This is known as?
Deed-in-lieu
This loan has less restrictive credit requirements than many conventional home loans. In the event of foreclosure, the lender is protected by mortgage insurance issued by the government.
FHA Loan
This disclosure must be sent within three business days of application, must include details on terms such as adjustable rate features, prepayment penalties and penalties if they are features of the loan.
TIL Disclosure
Who is the primary regulator over the mortgage banking industry?
The Office of the Comptroller of Currency
Where can the documentation level required by LPA be found?
LPA Feedback Certificate
What are the 5 C’s of Credit and/or the system used by lenders to gauge the creditworthiness of potential borrowers?
Character, Conditions, Capital, Capacity, and Collateral
A mortgage program established to help service men and women obtain home financing. Offers 100% financing without monthly mortgage insurance.
VA Loan
What five-page document provides final details about the mortgage payment, costs, and terms of the loan including projected monthly payments, fees, and other costs related to closing?
The Closing Disclosure
This “act” requires servicers to cancel PMI insurance automatically once the homeowner's equity position reaches a certain percentage.
The Homeowners Protection Act of 1998 (PMI Act)
Which section on the Uniform Residential Appraisal Report would indicate that a subject property is located in a FEMA Flood Zone?
Site
In order to attract more funds to the housing finance market, Ginnie Mae issues these in 1968.
Mortgage-Backed Securities (MBS)
Typically amortized over thirty years. This product offers an initial rate for a certain period of time. After the initial period ends, the rate becomes fully-indexed.
Adjustable Rate Mortgage (ARM)
This booklet is provided upon a discussion regarding an adjustable rate mortgage (ARM) regardless of whether the consumer chooses.
Consumer Handbook on Adjustable Rate Mortgages (CHARM booklet)
Which regulation affords the borrower the ability to rescind within three days of closing on a refinance transaction?
Truth in Lending Act (TILA)
What platform is used by secondary market participants to register and track loans?
MERS
The document published by Fannie Mae that provides comprehensive LTV, CLTV, and HCLTV ratio requirements for manually underwritten loans is called the?
The Eligibility Matrix
This loan is government backed, requires no money down and is popular amongst rural homebuyers whom generally are unable to get a traditional mortgage.
USDA Loan
This disclosure provides an estimate of settlement charges a borrower is likely to incur, as a dollar amount, and related loan information, based upon common practice and experience in the localitly of the mortgage property prescribed in 3500.7 and in the appendix c of RESPA.
Good Faith Estimate (GFE)