Quiz The lender of mortgage money is known as the: A) trustee. B) mortgagor. C) mortgagee. D) trustor.
|
|
- Silas Lawrence
- 6 years ago
- Views:
Transcription
1 Quiz 7 1. On a debt secured by property, the reduction of debt through regular periodic payments is known as: A) principal. B) amortization. C) reduction loan. D) retirement. 2. The lender of mortgage money is known as the: A) trustee. B) mortgagor. C) mortgagee. D) trustor. 3. The written evidence of the borrower's promise to repay a real property loan is contained in the: A) abstract. B) promissory note. C) recorded deed. D) payment book. 4. What is the name given to the dollar value that would remain if all liens and other valid monetary claims were subtracted from the property's present market value? A) Equity. B) Unearned increment. C) Encumbrance. D) Escrow. 5. The quasi-public agency that is nicknamed "Fanny Mae" is the: A) Federal Housing Administration. B) Farmers Home Administration (FmHA). C) Federal National Mortgage Association. D) Federal Home Loan Mortgage Association. 6. Which of the following clauses prevents a buyer from assuming an existing mortgage? A) Defeasance clause. B) Acceleration clause. C) Alienation clause. D) Amortization clause. c:\lotus\work\wordpro\qexams Chapter 7 Page , Information Professionals, Inc.
2 7. When the mortgagor is in default, which clause empowers the mortgagee to cause the balance of mortgage to be immediately due and payable? A) Acceleration clause. B) Default clause. C) Defeasance clause. D) Alienation clause. 8. When a mortgage loan is liquidated with periodic payments, it is said to be: A) Alienated. B) Defaulted. C) Amortized. D) Ballooned. 9. From the following list, which is NOT a feature of a promissory note? A) Personal liability. B) A pledge of property as security. C) Negotiability. D) Promise to repay. 10. In the event of a foreclosure sale, which of the following is paid first? A) The expenses of the sale. B) Unpaid special assessment liens. C) The interest due on the loan. D) The principal due on the loan. 11. Which of the following secondary mortgage markets is not government owned nor government supervised? A) Fannie Mae. B) Maggie Mae. C) Ginnie Mae. D) Freddie Mac. 12. The major purpose of the secondary mortgage market is to improve: A) the lender's profits. B) effects of disintermediation. C) the lender's liquidity. D) the borrower's interest rate. c:\lotus\work\wordpro\qexams Chapter 7 Page , Information Professionals, Inc.
3 13. A "land contract for deed" financing and sale agreement is signed: A) only by the buyer/borrower. B) only by the lender. C) only by the seller/lender. 14. Which of the following acts would not constitute a borrower's default of the normal terms of a mortgage or deed of trust A) Failure to pay property hazard insurance premiums when due. B) Failure to pay personal liability insurance premiums when due. C) Failure to pay the mortgage payment when due. D) Failure to pay ad valorem taxes when due. 15. Identify which is the incorrect statement in the following list regarding promissory notes and mortgages. A) The promissory note secures the accompanying mortgage. B) The provisions of the promissory note take precedence over the accompanying mortgage. C) Both the promissory note and the mortgage contain an acceleration clause. D) The promissory note is negotiable, whereas the mortgage is not. 16. The major difference between a mortgage instrument and a deed of trust instrument: B) is in the type of real estate pledged as collateral. C) is in who holds title to the encumbered real property. D) is that only the mortgage has an acceleration clause. 17. A parcel of real property is encumbered by a conventional mortgage with a prepayment penalty. Following the satisfaction of the mortgage, the property is sold for cash. Which of the following is correct? A) The prepayment penalty clause does not apply. B) Only a portion of the prepayment penalty needs to be paid. C) The entire penalty must be paid. D) The penalty only applies to loan assumptions and since sale is for cash, the penalty is waived. c:\lotus\work\wordpro\qexams Chapter 7 Page , Information Professionals, Inc.
4 18. What type of clause is inserted if a mortgagee does not want the mortgage to be assumable? A) Defeasance. B) Acceleration. C) Alienation. D) Divesture. 19. These lending institutions have no stockholders, are always state chartered, and favor making long-term loans. They are called: A) commercial banks. B) insurance companies. C) savings & loans. D) credit unions. 20. Regarding mortgage brokers and mortgage bankers, which statement is most correct? A) Mortgage brokers are state chartered whereas mortgage bankers are federally chartered. B) A mortgage banker lends only investors' funds. C) A mortgage broker lends only its own funds. D) Mortgage bankers typically service the loans they make whereas mortgage brokers typically do not. A) the deed is placed in escrow. B) the deed is delivered to the buyer. D) the contract has been signed by all parties. 22. Upon the payment in full of a mortgage, the borrower should receive from the mortgagee: A) a satisfaction of mortgage certificate. B) a marginal release certificate. C) a certificate of reduction. D) an estoppel certificate. 23. The clause in a mortgage instrument that imposes a penalty should the loan be paid off early, is called: A) a due-on-sale clause. B) a prepayment clause. C) an alienation clause. D) an acceleration clause. c:\lotus\work\wordpro\qexams Chapter 7 Page , Information Professionals, Inc.
5 24. What type of foreclosure requires the lender to bring a lawsuit against the mortgagor? A) Statutory. B) Strict. C) Power of sale. D) Judicial. 25. Which one of the following clauses is not found in a mortgage A) Acceleration. B) Reconveyance. C) Defeasance. D) Alienation. 26. Which one of the following clauses is not found in a deed of trust A) Reconveyance. B) Acceleration. C) Defeasance. D) Alienation. 27. Which one of the following clauses is found in the promissory note and in both the deed of trust instrument and the mortgage A) Reconveyance. B) Power of sale. C) Defeasance. D) Acceleration. 28. When the borrower pledges real or personal property as security for a loan without surrendering the pledged property the loan is said to be: A) hypothecated. B) pledged. C) secured. D) collateralized. 29. Which secondary market has the greatest share of the market? A) Fannie Mae. B) Ginnie Mae. C) Freddie Mac. D) Maggie Mae. c:\lotus\work\wordpro\qexams Chapter 7 Page , Information Professionals, Inc.
6 30. Savers' deposits in a federally chartered bank are insured by the: A) Resolution Trust Corporation (RTC). B) Bank Insurance Fund (BIF) administered by Federal Deposit Insurance Corporation (FDIC). C) State Insurance Fund (SIF) in state where bank is located. D) Savings Association Insurance Fund (SAIF). 1. Ans: B 2. Ans: C 3. Ans: B 4. Ans: A 5. Ans: C 6. Ans: C 7. Ans: A 8. Ans: C 9. Ans: B 10. Ans: A 11. Ans: B 12. Ans: C 13. Ans: D 14. Ans: B 15. Ans: A 16. Ans: C 17. Ans: A 18. Ans: C 19. Ans: C 20. Ans: D 21. Ans: B 22. Ans: A 23. Ans: B 24. Ans: D 25. Ans: B 26. Ans: C 27. Ans: D 28. Ans: A 29. Ans: A 30. Ans: B c:\lotus\work\wordpro\qexams Chapter 7 Page , Information Professionals, Inc.
Chapter 13 Multiple Choice Questions
Chapter 13 Multiple Choice Questions / Page 1 Chapter 13 Multiple Choice Questions 1. The primary difference between a secured and unsecured loan is a. whether or not the lender charges interest on the
More informationChapter 14 Real Estate Financing: Principles
Chapter 14 Real Estate Financing: Principles OUTLINE: I. Mortgage Law A. A mortgage is a voluntary lien on real estate, given by the mortgagor to secure the payment of a debt or the performance of an obligation
More informationChapter 14 Questions Real Estate Financing: Principles
Chapter 14 Questions Real Estate Financing: Principles 1. Under an installment contract, the title to the property is held by the a. vendor. b. vendee. c. trustor. d. trustee. 2. Charging more interest
More informationLesson 12: Real Estate Financing 311
Real Estate Principles of Georgia 1 of 97 Lesson 12: Real Estate Financing 311 Economics of Real Estate Finance For a lender, a loan is an investment. Interest paid on loan is lender s return. Riskier
More informationFinancing and Mortgages
Financing and Mortgages 1 Chapter 17 2 Institutional Lenders: Commercial Banks Savings Banks Mutual Savings Banks Life Insurance Companies 3 Commercial Banks Demand Deposits (Checking Accounts) Savings
More informationChapter 13 Summary. Real Estate Finance. California Real Estate Principles
Parts to a mortgage loan: Pledge or promise to pay (promissory notes); Collateral, which allows a lender the right to foreclose if the borrower does not pay (mortgage or deed of trust). Promissory notes:
More informationCHAPTER TWO FINANCING
CHAPTER TWO FINANCING TABLE OF CONTENTS 1) NOTE MORTGAGE/TRUST DEED PAGE 2 2) ANALYSIS OF A NOTE PAGE 8 3) INTEREST/PAYMENT PLANS PAGE 10 4) PROVISIONS OF A MORTAGE/TRUST DEED PAGE 22 5) TYPES OF MORTGAGES/TRUST
More informationCHAPTER 14 - FINANCE I. INTRODUCTION FINANCING INSTRUMENTS A. THE DEMAND FOR LOANS. BORROWERS INCLUDE: B. THE SUPPLY OF MONEY FOR LOANS.
CHAPTER 14 - FINANCE I. INTRODUCTION A. THE DEMAND FOR LOANS. BORROWERS INCLUDE: B. THE SUPPLY OF MONEY FOR LOANS. C. THE FEDERAL RESERVE BOARD. II. FINANCING INSTRUMENTS A. THE USE OF PROPERTY AS SECURITY
More informationSales Associate Course
Sales Associate Course Chapter Twelve Residential Mortgages Copyright Gold Coast Schools 1 Title vs. Lien Theory States Title theory borrower takes possession Deed of trust conveys title to 3 rd party
More informationFinancing. Instructor Cees Holcombe
Financing Instructor Cees Holcombe Sources Of Financing Financing 1. Institutional (banks, mortgage brokers, mortgage companies, insurance companies) 2. Seller financing (land contract, and purchase money
More informationacceleration adjustable rate mortgage amortization amortization table annual percentage rate
acceleration A demand for immediate payment of all amounts remaining unpaid on a loan or extension of credit by a mortgage lender or carryback seller. Also known as calling the loan. adjustable rate mortgage
More informationFINANCING THE LOAN/MORTGAGE SEQUENCE
THE LOAN/MORTGAGE SEQUENCE FINANCING 1. Buyer applies to lender - Savings Associations, Mutual Savings Banks, Cooperative Banks, Commercial Banks (the Thrifts); Mortgage Companies, Credit Unions, Life
More informationREAL ESTATE TERMS Acceleration: Adjustable-Rate Mortgage (ARM): Adjusted Basis: Adjustment Date: Adjustment Interval: Adjustment Period:
REAL ESTATE TERMS A Acceleration: The right of the mortgagee (lender) to demand the immediate repayment of the mortgage loan balance upon the default of the mortgager (borrower), or by using the right
More informationAfter-tax APRPlus The APRPlus taking into account the effect of income taxes.
MORTGAGE GLOSSARY Adjustable Rate Mortgage Known as an ARM, is a Mortgage that has a fixed rate of interest for only a set period of time, typically one, three or five years. During the initial period
More informationMortgage Terms Glossary
Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see
More informationBroker. Financing Real Estate. Chapter 12. Copyright Gold Coast Schools 1
Broker Chapter 12 Financing Real Estate Copyright Gold Coast Schools 1 Learning Objectives Describe the difference between a note and a mortgage Explain the benefits of having the first recorded lien on
More informationGlossary of Real Estate Terms
Glossary of Real Estate Terms Abstract of Title: A summary of the public records relating to the ownership of a particular piece of land. It represents a short legal history of an individual piece of property
More informationCHAPTER 5 - FINANCE INTRODUCTION Notes: loan real estate loan leverage assume and agree to pay
MacIntosh Real Estate School Uniform Course Chapter 5 CHAPTER 5 - FINANCE INTRODUCTION Notes: Regulation Z Financing is the linchpin for most real estate transactions. Over the years institutional lenders
More informationChapter 4 Summary Real Estate Financing Principles: Real Estate Finance 1
The money to finance loans comes from a number of sources. The primary mortgage market is made up of lenders who originate loans. They make the money available directly to borrowers. The primary mortgage
More informationChapter 15: Government Involvement in Real Estate Financing
Modern Real Estate Practice, 19 th Edition Chapter 15: Government Involvement in Real Estate Financing 1. Kahlid has been making periodic payments of principal and interest on a loan, but the final payment
More informationTX Marketing I: Building a Real Estate Practice
TX Marketing I: Building a Real Estate Practice MODULE SEVEN: REAL ESTATE FINANCE... 2 MODULE DESCRIPTION... 2 MODULE LEARNING OBJECTIVES... 3 KEY TERMS... 4 LESSON 1: INTRODUCTION TO REAL ESTATE FINANCE...
More informationFree Training Tools from QuickStart Publications
Free Training Tools from QuickStart Publications www.quick-start.net Mortgage Terminology Abandonment - The voluntary surrender of property, owned or leased. Abandonment does not relieve obligations associated
More informationChapter 15 Real Estate Financing: Practice
Chapter 15 Real Estate Financing: Practice LECTURE OUTLINE: I. Introduction to the Real Estate Financing Market A. Federal Reserve System 1. Created to help maintain sound credit conditions 2. Helps counteract
More informationsimply acknowledging that a debt exists. ABC Real Estate School 3 st ed National Workbook August 2010 Page 382
Promissory Note A promissory note, or commonly as just a "note", is a contract where one party (the maker or issuer) makes an unconditional promise in writing to pay a sum of money to the other (the payee),
More informationReal Estate Finance Workbook
Real Estate Finance Workbook Texas Second Edition This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding
More informationReal Estate Finance: 10/17/2017. Why use a mortgage?
Real Estate Finance: McGraw-Hill/Irwin Laws and Contracts Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Fixed rate (Monthly charge is 1/12 of stated annual rate) Adjustable rate
More informationWELCOME TO YOUR HOMEBUYER JOURNAL
WELCOME TO YOUR HOMEBUYER JOURNAL THIS JOURNAL BELONGS TO: Congratulations, you ve taken the first step and decided to buy a home! Use this journal to keep track of your home buying search. There is a
More informationChapter 17: Financing
Chapter 17: Financing An * in the left margin indicates a change in the statute, rule or text since the last publication of the manual. I. Introduction Financing is the linchpin for most real estate transactions.
More informationTopics in Banking: Theory and Practice Lecture Notes 1
Topics in Banking: Theory and Practice Lecture Notes 1 Academic Program: Master in Financial Economics (Research track) Semester: Spring 2010/11 Instructor: Dr. Nikolaos I. Papanikolaou The financial system
More informationSales Associate Course
Sales Associate Course Chapter Thirteen Types of Mortgages & Sources of Finance Copyright Gold Coast Schools 1 Types of Mortgages FHA - Federal Housing Administration VA - Veterans Administration Conventional
More informationI. THE SAFE MORTGAGE LICENSING ACT
Chapter 1 FinTech, the SAFE Act, and the Fed 1 I. THE SAFE MORTGAGE LICENSING ACT (p. 3) A. MLO Licensing Requirements (20 Hours of Pre-Licensing Education) (p. 3) B. MLO Continuing Education (8 Hours
More informationNC General Statutes - Chapter 45 Article 9 1
Article 9. Instruments to Secure Equity Lines of Credit. 45-81. Definitions. The following definitions apply in this Article: (1) Authorized person. Any borrower; the legal representative of any borrower;
More informationPARTICIPATION OVERVIEW
PARTICIPATION OVERVIEW Alabama Housing Finance Authority (the Authority ) offers its Step Up program (the Program ) for the origination of qualifying mortgage loans (the Mortgage Loans ) to finance the
More informationFEDERAL NATIONAL MORTGAGE ASSOCIATION ( FANNIE MAE ) Issuer, Master Servicer, Guarantor and Trustee 2017 MULTIFAMILY MASTER TRUST AGREEMENT.
Execution Version FEDERAL NATIONAL MORTGAGE ASSOCIATION ( FANNIE MAE ) as Issuer, Master Servicer, Guarantor and Trustee 2017 MULTIFAMILY MASTER TRUST AGREEMENT for GUARANTEED MORTGAGE PASS-THROUGH CERTIFICATES
More informationTHE GENERAL ASSEMBLY OF PENNSYLVANIA SENATE BILL AN ACT
PRINTER'S NO. THE GENERAL ASSEMBLY OF PENNSYLVANIA SENATE BILL No. 1 INTRODUCED BY WHITE, JUNE, 0 Session of 0 REFERRED TO BANKING AND INSURANCE, JUNE, 0 AN ACT 1 1 1 1 0 1 Amending Title (Banks and Banking)
More informationSTRUCTURED ASSET INVESTMENT LOAN TRUST Mortgage Pass-Through Certificates, Series
PROSPECTUS SUPPLEMENT (To Prospectus dated June 27, 2005) $2,257,738,000 (Approximate) STRUCTURED ASSET INVESTMENT LOAN TRUST Pass-Through Certificates, Series 2005-6 Lehman Brothers Holdings Inc. Sponsor
More informationMortgage Glossary, Mortgage Terms A B C D E F G H I J L M N O P Q R S T U V Z
Mortgage Glossary, Mortgage Terms A B C D E F G H I J L M N O P Q R S T U V Z A Abstract (Of Title) Summary of public records relating to the title to a particular piece of land. An attorney or title insurance
More informationClosing Disclosure Form
Closing Disclosure Form The Closing Disclosure form is designed to detail all financial particulars of a transaction and it must be delivered to the borrower at least three days before closing. It might
More informationSONOMA COUNTY COMMUNITY DEVELOPMENT COMMISSION
SONOMA COUNTY COMMUNITY DEVELOPMENT COMMISSION LOAN POLICIES Affordable Housing Development Affordable Housing Acquisition & Preservation Multi-family Housing Rehabilitation Community Facilities Table
More information1003 form Commonly used mortgage loan application developed by Fannie Mae. Sometimes called the Uniform Residential Loan Application.
GLOSSARY 1003 form Commonly used mortgage loan application developed by Fannie Mae. Sometimes called the Uniform Residential Loan Application. Acceptance A verbal or written acceptance of an offer to buy
More informationClosing Disclosure. Loan Terms. Projected Payments. Costs at Closing
Closing Disclosure This form is a statement of final loan terms and closing costs. Compare this document with your Loan Estimate. Closing Information Date Issued Closing Date Disbursement Date Settlement
More informationLoan Comparison Report. Sample
Loan Comparison Report Prepared for: Jonny Williams Date: Prepared by: April 14, 2008 Taylor Abegg Phone: 801-225-4120 E-mail: TJAbegg@EverySingleHome.com Dear Jonny Williams Attached is the Loan Comparison
More information1112 Montana Ave., # 390 SM, CA BRE: NMLS: Tel: Fax:
Global Financial Network, LLC. 1112 Montana Ave., # 390 SM, CA 90403. BRE: 00832641 NMLS: 313912 Tel: 310-451-4222 Email: Sam@Samsadat.com Fax: 888-902-1667 Private Lending Class April 25, 2015 Today s
More informationMORTGAGE PURCHASE AGREEMENT
MORTGAGE PURCHASE AGREEMENT THIS AGREEMENT is entered into this day of, 20, by and between ("Seller"), whose address is and the Industrial Commission of North Dakota, acting in its capacity as the North
More informationSTRUCTURED ASSET SECURITIES CORPORATION
PROSPECTUS SUPPLEMENT (To Prospectus dated January 25, 2005) $706,107,000 (Approximate) STRUCTURED ASSET SECURITIES CORPORATION Pass-Through Certificates, Series 2005-NC1 Aurora Loan Services LLC Master
More information1. T F All brokerages are required to provide the same level of service. 2. T F Property management can be a service of real estate company
Final Exam Fundamentals Course Please answer T for True and F for False 1. T F All brokerages are required to provide the same level of service 2. T F Property management can be a service of real estate
More informationTRUST DEED INVESTMENTS
TRUST DEED INVESTMENTS WHAT YOU SHOULD KNOW!! TRUST DEED INVESTMENTS WHAT YOU SHOULD KNOW!! I. Introduction Table of Contents What is a promissory note?... 1 How do you obtain a promissory note?... 1 What
More informationClosing Disclosure $ $ Loan Terms. Projected Payments. Costs at Closing
Closing Disclosure This form is a statement of final loan terms and closing costs. Compare this document with your Loan Estimate. Closing Information Transaction Information Loan Information Issued Borrower
More informationNational Correspondent Division Lender Guide
GLOSSARY As used in the Agreement and this Guide, the terms herein shall have the following meanings, unless the context requires otherwise: Accepted Servicing Practice(s): With respect to any Loan, as
More informationSample Mortgage Banker
Sample Mortgage Banker What s included in Five Steps to Your New Home.............................. iii A review of the five worksheets provided for you to estimate your mortgage and home purchase eligibility
More informationPROGRAM GUIDELINES. Dated as of April 1, 2010
PROGRAM GUIDELINES Dated as of April 1, 2010 The following comprises a description of the Program Guidelines as adopted by ServiSolutions, a department of the Alabama Housing Finance Authority, ( the Servicer
More informationGLOSSARY OF TERMS. Originated by the American Bankers Association, it is the number which identifies the bank upon which the check is drawn.
GLOSSARY OF TERMS ABA number Originated by the American Bankers Association, it is the number which identifies the bank upon which the check is drawn. accrued interest Interest earned for the period of
More informationHome Buyer s Dictionary
ARM? GPM? PITI? You d have to be a cryptologist to figure out some of the terms you might encounter during the home buying process. Doing research on how to buy a house before beginning the process can
More informationNOTE. April 10, 2014 San Antonio Texas Abbey Garden San Antonio, Texas 78249
NOTE April 10, 2014 San Antonio Texas 12317 Abbey Garden San Antonio, Texas 78249 1. BORROWER S PROMISE TO PAY In return for a loan that I have received, I promise to pay U.S. $ 192,000.00 (this amount
More informationUNIT 9 LOAN SERVICING
UNIT 9 LOAN SERVICING INTRODUCTION Loan servicing is the act of supervising and administering a loan after it has been made. Normally, the servicing function begins at the point of funding. Loan servicing
More informationTHIS IS NOT LEGAL ADVICE
I. Ability to Repay (ATR) Qualified Mortgage (QM) Overview In 2008 the Board of Governors of the Federal Reserve System adopted a rule under the Truth in Lending Act prohibiting creditors from making higher-priced
More informationClosing Disclosure $ % $ $ $ $ Loan Terms. Projected Payments. Costs at Closing
Closing Disclosure This form is a statement of final loan terms and closing costs. Compare this document with your Loan Estimate. Closing Information Transaction Information Loan Information Issued Borrower
More informationFORECLOSURES, FHA, VA AND PURCHASE MONEY MORTGAGES
Chapter 2 we will take a quick look at foreclosures before moving on to various forms of financing. CHAPTER 2 FORECLOSURES, FHA, VA AND PURCHASE MONEY MORTGAGES CHAPTER LEARNING OBJECTIVES Upon completion
More informationCity of Lompoc Homebuyer Assistance Program. Program Guidelines
City of Lompoc Homebuyer Assistance Program Down Payment Loans and Closing Cost Grants Program Guidelines Council Approved by Resolution No. 6177(18) May 1, 2018 City of Lompoc 100 Civic Center Plaza Lompoc,
More informationConventional Fixed Rate Mortgage
Image Only Image Only Image Only Conventional Fixed Rate Mortgage THE REAL PROPERTY ACT STANDARD CHARGE MORTGAGE TERMS Filed by: SCOTIA MORTGAGE CORPORATION Filing Date: October 10, 2017 Filing Name: Scotia
More information2 TERMS AND CONDITIONS
2 TERMS AND CONDITIONS All Home Advantage loans must be delivered to Lakeview Loan Servicing. Each Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate FHA 203(b), 234 (c), HUD 184,
More informationNATIVE AMERICAN HOUSING SECURITY INSTRUMENT RIDER FOR ASSIGNMENTS
NATIVE AMERICAN HOUSING SECURITY INSTRUMENT RIDER FOR ASSIGNMENTS The Security Instrument, as amended by this Rider, encumbers (or attaches to), your Land Assignment interest on the Reservation. The Security
More informationYour Guide to Home Financing
Your Guide to Home Financing FURLONG TEAM 952-232-4133 www.furlongteam.com NMLS 275939 NMLS 225504 step 1- getting pre-approved How much home can you afford? Before you picture yourself living in a home,
More information12-Step Home Mortgage Steps
1 You should review your credit report for any errors before submitting your mortgage application. Your credit report is used by banks and other lending institutions to determine your creditworthiness.
More informationThe Fannie/Freddie Mortgage/Deed of Trust Instrument
The Fannie/Freddie Mortgage/Deed of Trust Instrument Who Are Fannie and Freddie? Fannie Mae was founded by the U.S. government in 1938, in the wake of the mortgage foreclosure crisis occasioned by the
More informationHome Buying Packet. Putting the Pieces Together
Home Buying Packet Putting the Pieces Together Prepared for: My 10+ Customer Service Commitment As the REALTOR you have chosen to exclusively represent you in the purchase of your new home, I promise that
More informationFinancing Residential Real Estate. Conventional Financing
Financing Residential Real Estate Lesson 10: Conventional Financing Introduction In this lesson we will cover: conforming and nonconforming loans, characteristics of a conventional loan, qualifying standards
More informationCharting Your Course to Home Ownership
Charting Your Course to Home Ownership Glossary: Terms Home Buyers and Home Owners Need to Know 203(b). FHA (Federal Housing Administration) Program, which provides mortgage insurance to protect lenders
More informationGlossary. An item of value that you own.
Term A adjustable-rate mortgage (ARM) amortization amortized annual percentage rate (APR) appraisal appreciation assessment fees asset association fees Definition A mortgage loan with an interest rate
More informationLesson 13: Applying for a Mortgage Loan
Real Estate Principles of Georgia Lesson 13: Applying for a Mortgage Loan 1 of 64 341 Choosing a Lender Types of lenders Types of lenders include: savings and loans commercial banks savings banks credit
More informationAssistance Program: City of Los Angeles Low Income Purchase Assistance Program (LIPA) Zero Interest Code: DCALIPADP
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30-year
More informationThe Mortgage-ese to English Dictionary. Your Way Home. copyright 2010 FloridaHomePath.com, LLC All Rights Reserved. Your Way Home.
The Mortgage-ese to English Dictionary Mortgage-ese to English Mortgage lingo is often used by many people without the consideration of translation. Below is a Mortgage-ese to English dictionary for some
More informationUniform Residential Loan Application
Uniform Residential Loan Application This application is designed to be completed by the applicant(s) with the Lender's assistance. Applicants should complete this form as "Borrower" or "Co-Borrower,"
More informationHow to Properly Close Equity Lines
How to Properly Close Equity Lines Points to Remember Equity lines of credit loans are governed by NCGS Chapter 45 Article 9. A security instrument (deed of trust) for an equity line of credit must show
More informationSTRUCTURED ASSET INVESTMENT LOAN TRUST Mortgage Pass-Through Certificates, Series
PROSPECTUS SUPPLEMENT (To Prospectus dated September 26, 2005) $1,835,336,000 (Approximate) STRUCTURED ASSET INVESTMENT LOAN TRUST Pass-Through Certificates, Series 2005-11 Aurora Loan Services LLC Master
More informationAbility-to-Repay and Qualified Mortgage Rule (ATR/QM Rule)- Effective 1/10/14
Ability-to-Repay and Qualified Mortgage Rule (ATR/QM Rule)- Effective 1/10/14 1) Dodd Frank requires that lenders make a reasonable, good-faith determination that the loan applicant has a reasonable ability
More informationSTRUCTURED ASSET INVESTMENT LOAN TRUST Mortgage Pass-Through Certificates, Series
PROSPECTUS SUPPLEMENT (To Prospectus dated January 25, 2005) $2,485,384,000 (Approximate) STRUCTURED ASSET INVESTMENT LOAN TRUST Pass-Through Certificates, Series 2005-5 Aurora Loan Services LLC Master
More informationCourse 1 Section 13: Types of Mortgages and Sources of Financing Section 13 Part 1
Course 1 Section 13: Types of Mortgages and Sources of Financing Section 13 Part 1 SLIDE 1 COVER PAGE SLIDE 2 TOPICS In this section we will cover the following topics: I. Conventional mortgages II. III.
More information24 CFR Ch. XX ( Edition) APPENDIX C TO PART 3500 INSTRUCTIONS FOR
Pt. 3500 originator license and registration. This special category recognizes limited, heavily regulated activities that meet strict criteria that are different from the criteria for specific exemptions
More information\RESOLUTION NO. HDT2116 t;> RESOLUTION OF THE BOARD OF HARBOR COMMISSIONERS OF THE CITY OF LONG BEACH, CALIFORNIA AUTHORIZING THE ISSUANCE AND SALE OF
\RESOLUTION NO. HDT2116 t;> RESOLUTION OF THE BOARD OF HARBOR COMMISSIONERS OF THE CITY OF LONG BEACH, CALIFORNIA AUTHORIZING THE ISSUANCE AND SALE OF $300,000,000 AGGREGATE PRINCIPAL AMOUNT OF HARBOR
More informationREAL ESTATE DICTIONARY
Adjustable-rate mortgage (ARM) -- Home loan in which the interest rate is changed periodically based on a standard financial index. Most ARMs have caps on how much an interest rate may increase. Amortization
More informationOverview of Mortgage Lending
Chapter 1 Overview of Mortgage 1 Chapter Objectives Contrast the primary mortgage market and secondary mortgage market. Identify entities involved in the primary mortgage market and the secondary market.
More informationThe Federal Reserve Board
The Federal Reserve Board A Consumer s Guide to Mortgage Refinancings Board of Governors of the Federal Reserve System www.federalreserve.gov 0608 A Consumer s Guide to Mortgage Refinancings i Table of
More informationFEDERAL NATIONAL MORTGAGE ASSOCIATION ( FANNIE MAE ) Issuer, Master Servicer, Guarantor and Trustee 2009 SINGLE-FAMILY MASTER TRUST AGREEMENT.
EXECUTION COPY FEDERAL NATIONAL MORTGAGE ASSOCIATION ( FANNIE MAE ) as Issuer, Master Servicer, Guarantor and Trustee 2009 SINGLE-FAMILY MASTER TRUST AGREEMENT for GUARANTEED MORTGAGE PASS-THROUGH CERTIFICATES
More informationStandard Financial Corp. Consolidated Statements of Financial Condition (Dollars in thousands except share and per share data)
Consolidated Statements of Financial Condition (Dollars in thousands except share and per share data) March 31, September 30, 2015 2014 Cash on hand and due from banks $ 2,074 $ 2,166 Interest-earning
More information6/21/2013. Section I. Purpose of Course. History and Overview of Mortgage Law, Regulation and Requirements
20 Hour Mortgage Loan Originator Certification Course Purpose of Course Gain historical perspective of mortgage lending Understand contemporary mortgage loan origination process Examine federal rules,
More informationFEDERAL NATIONAL MORTGAGE ASSOCIATION ( FANNIE MAE ) Issuer, Master Servicer, Guarantor and Trustee 2016 SINGLE-FAMILY MASTER TRUST AGREEMENT.
Execution Copy FEDERAL NATIONAL MORTGAGE ASSOCIATION ( FANNIE MAE ) as Issuer, Master Servicer, Guarantor and Trustee 2016 SINGLE-FAMILY MASTER TRUST AGREEMENT for GUARANTEED MORTGAGE PASS-THROUGH CERTIFICATES
More informationINVITATION TO PARTICIPATE
INVITATION TO PARTICIPATE Because of continuing interest expressed to the Authority about its single-family programs, the Authority is continuing its Step Up Program (the Program ). The Authority invites
More informationHB GLOSSARY. The date of foreclosure sale, the date title is lawfully transferred to lender, or deed in lieu recordation.
GLOSSARY TERM abandonment acceleration acquired property acquisition date additional interest additional recovery adjustable rate mortgage (ARM) adjusted annual Income DEFINITION A property status indicating
More informationJeffrey D. Smith, General Manager STARFURY CAPITAL MANAGEMENT LLC - RADIANT WEALTH CREATION
STARFURY CAPITAL MANAGEMENT LLC Jeffrey D. Smith, General Manager 1 INVESTMENT OPPORTUNITY To the extent that any of the proposed transactions referred to herein would be deemed, under federal or state
More information2 TERMS AND CONDITIONS
2 TERMS AND CONDITIONS All House Key loans must be delivered to Lakeview Loan Servicing, LLC Each House Key Program Mortgage Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate
More informationPrintable Lesson Materials
Printable Lesson Materials Print these materials as a study guide These printable materials allow you to study away from your computer, which many students find beneficial. These materials consist of two
More information2 TERMS AND CONDITIONS
2 TERMS AND CONDITIONS All Home Advantage loans must be delivered to Lakeview Loan Servicing. Each Loan must satisfy the following terms and conditions: LOAN TYPES Fixed rate FHA 203(b), 234 (c), HUD 184,
More informationReal Estate Finance, Sixth Edition Quizzes
Real Estate Finance, Sixth Edition Quizzes Instructions: Quizzes are open book. All answers are True or False, or Multiple Choice. Answer key for the online and CD-ROM book is located on Page 493. Answer
More informationMortgage Loan Purchase and Sale Agreement
EXECUTION COPY Mortgage Loan Purchase and Sale Agreement FIRST GUARANTY MORTGAGE CORPORATION Purchaser and Seller MASTER MLPA with Addendum A-(6 & 12)-APPROVED-08-01-2014 EXECUTION COPY SECTION 1. DEFINITIONS....
More informationDEED OF TRUST. After Recording Return To: [Space Above This Line For Recording Data] DEFINITIONS
After Recording Return To: DEFINITIONS [Space Above This Line For Recording Data] DEED OF TRUST Words used in multiple sections of this document are defined below and other words are defined in Sections
More informationTHE BANK OF NOVA SCOTIA, a Canadian chartered bank, having a branch office and postal address at
LAND TITLE ACT FORM B (Section 225) Province of British Columbia MORTGAGE PART 1 (This area for Land Title Office use) Page 1 of pages 1. APPLICATION: (Name, address, phone number and signature of applicant,
More informationLOAN POLICIES OF THE FUMF INC. DEVELOPMENT FUND
Page 1 LOAN POLICIES OF THE FUMF INC. DEVELOPMENT FUND PREAMBLE The Florida United Methodist Foundation Development Fund (the Fund ) is a savings and loan fund that is composed of pooled investor funds
More information11 th Annual Eastern Secondary Market Conference. February 5-7, 2014 The Hyatt Regency Orlando
11 th Annual Eastern Secondary Market Conference February 5-7, 2014 The Hyatt Regency Orlando Scott D. Samlin Partner Scott Samlin is a New York partner in the firm s Financial Services & Products Group.
More informationFannie Mae Reports Third-Quarter 2011 Results
Contact: Number: Katherine Constantinou 202-752-5403 5552a Resource Center: 1-800-732-6643 Date: November 8, 2011 Fannie Mae Reports Third-Quarter 2011 Results Company Focused on Providing Liquidity to
More information