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Mortgage Loan Originator

In English

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Storeyed Pansy

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The term for the rate on an ARM loan that is lower than the fully indexed rate at the time of closing is:

Teaser Rate

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31 questions
The use of overtime or bonus income in total qualifying income
Must be based on the average over 2 years, employer must verify that income is expected to be earned by the borrower
What is the purpose of a property appraisal
Assess the adequacy of collateral for a mortgage transaction
To estimate value under the cost approach the appraiser
Calculate the cost of construction minus any depreciation, plus value of the land.
Which practice is illegal under the MLO compensation rule?
A mortgage broker company receives compensation from both the creditor and geh consumer on a transaction that is then used to pay a commission to t MLO
When allowed by law, prepayment penalties are limited to a maximum of
3% of the unpaid principal balance in the first year of the loan
How should a loan originators approach the issues of home ownership and renting?
The loan originator should take time to understand the borrowers preferences
What must condominium associations do with respect to property insurance?
They are required to keep a "blanket" policy that protects the entire structure
Which of the following is not a violation of section 8 of Regulation X?
A mortgage company providing a complimentary bottle of wine and a gift certificate for a home furnishing store to its clients at closing.
The secondary market is where
Where existing loans are bought and sold