The Illegal practice of refusing to make mortgage loans based on a geographic area
What is redlining
100
the equation for annual interest
Loan amount * interest rate
100
also referred to as Director
What is head of CFPB
100
commonly referred to as a traditional mortgage
What is 30 year fixed rate
200
Notice of Right to Receive an Appraisal is in what laws
ECOA
200
a real estate company accepted flyers from a mortgage company and distributed them to prospective buyers during an open house. who has violated RESPA
neither
200
Purchase payment - Loan amount
What is Down payment
200
this applies to non-federally regulated entities
What is regulation H
200
converts the balloon mortgage to a fully amortizing mortgage at the maturity date.
What is reset option or conditional refinance provision
300
1.5% first lien
2.5% Jumbo
3.5% 2nd lien
APRs over APOR are in this section of TILA
What is section 35
300
Jack and Dianne went to heart land mortgage lender looking to get a fixed rate loan. the MLO convinced them of getting an ARM because he received more profit for ARMS.
this is considered what
Steering
300
housing DTI ratio
What is (PITI + Housing expense)/GMI
300
an individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individuals residence falls under this regulation.
What is regulation G
300
Reverse mortgage backed by the Department of Housing and Urban Development.
What is HECM
400
which Regulation has the disposal rule
Regulation V
400
an individual who accepts a fee for providing their personal information as if they were the buyer
What is straw buyer
400
all loan amounts including max credit/Appraisal value OR Purchase price
What is HCLTV or HTLTV
400
has the ability to revoke, suspend, or deny
What is the state model
400
Which value exceeds the loan limits set by the FHFA
A)656,350 3 unit dwelling
B)543,000 2 unit dwelling
C)425,100 1 unit dwelling
D)815,650 4 unit dwelling
C
500
also known as the PMI cancellation Act
What is Homeowners Protection Act (HPA)
500
a term used when an individual locks in a loan rate from two different lenders at the same time
What is shot-gunning
500
what is the mortgage insurance premium per month if the borrower's mortgage insurance rate is .24% and they have a loan amount of 250,000
50
500
they created the NMLS
What is CSBS + AARMR
500
this loan requires that the borrowers qualifying credit report must be less than 120 days old.