MTG. Related Laws
What % must you own of a business to require the disclosure of the ABA?
1%
What is the base loan amount for an FHA?
$314,827
What term is used to reference the transfer of a title from one person to another?
Conveyance
What are the two types of mortgage fraud?
Fraud for Profit and Fraud for Housing
How many questions are scored on the Uniformed State Test?
115 questions
If an advertisement contains an Interest Rate, what else must be disclosed?
The APR
If a conforming loan has a prepayment penalty, what 2 documents must the PPP be disclosed on?
The Loan Estimate and Closing Disclosure.
What document is considered to be a security instrument?
A trust deed.
What is a term that doesn't state the less advantageous terms of repayment?
Trigger term
Who has the authority to conduct investigations for the purpose of initial licensing or license renewal, license suspension, conditioning, revocation, or termination, and determining compliance with state law?
The state licensing agency
What loan amount determines the maximum fees and points that can be charged on a high-cost mtg?
$21,549
What is the minimum credit score requirements for maximum financing on an FHA loan?
580
What clause provides for the release of the lien when the borrower pays off the debt?
A defeasance clause
Who established the USPAP as the generally accepted appraisal standards in the United States?
The Financial Institution s Reform, Recovery, and Enforcement Act (FIRREA)
A natural person, corporation, company, limited liability company, partnership, or association is defined as what?
A Person
How many days does a lender have to inform a borrower that they will be placing forced place insurance on their property?
At least 45 days prior to making such a charge.
What is the funding fee for a reserve applicant with no down payment?
2.4%
What way can a title be held that allows for the property to automatically transfer to the surviving owner(s) upon the death of one and provides for undivided ownership by two or more parties?
Joint tenancy
What is it called when a person who provides settlement services and causes or attempts to cause the value of a principal dwelling to be based on anything other than the appraiser's independent judgement?
Coercion
What is the term for any real property located in a state upon which is constructed, or intended to be constructed, a dwelling?
Residential real estate
For the first adjustment, when must a written notice must be provided to the borrower?
Between 210 and 240 days prior to the adjustment.
What is the fixed and adjustment periods for a traditional arm?
1/1
Which way can a title be held which allows for an owner’s share in the property to pass to his or her heirs and if ownership is not specified in the deed, it is assumed to be equal among all of the owners?
Tenancy in common
What is it called when you are required to put the interest's of the principal (the consumer) ahead of the agent (MLO)?
Fiduciary Duty
The Board of Governors of the Federal Reserve System, The Comptroller of the Currency, The National Credit Union Administration, and, The Federal Deposit Insurance Corporation are all examples of what?
Federal banking agencies