Summary of Loan Statement Good Faith Estimate According to the Good Faith Estimate form, the borrower's Adjusted Origination Charges equal the amount of points paid plus the.? USDA Rural Development Program USDA Rural Development Program The lender's estimate of the borrower's settlement costs is known as a.? institutions?įDIC FCS Which of the following combines the Farmers Home Administration, the Agricultural Cooperative Service Administration and the Rural Development Administration.?įederal Agricultural Mortgage Corporation Industrial properties Agricultural properties Which of the following mortgage types allows for more flexible payments from the borrower.?įHA insured mortgage Open-end mortgage Farmers and ranchers can obtain a loan through which of the following.?Īll of the above Farm Credit System The Farm Credit Administration regulates the. prior to closing?ġ4 days 3 days This refers to a type of mortgage insurance required on conventional loans in which the homebuyer makes a down payment of less than 20% of the purchase price.?Ĭonforming Mortgage Insurance Private Mortgage Insurance (PMI) If a borrower obtains an FHA insured loan and only makes a down payment of 5%, what must the borrower purchase.?Ĭonforming Mortgage Insurance Private Mortgage Insurance (MIP) Which of the following are responsible for bringing industries to a region in an effort to improve community growth.?Ĭorporate Development Agencies Industrial Development Agencies Open-end mortgages are most commonly found for which property type.? RESPA RESPA A completed Closing Disclosure form must be provided to the borrower at least. RESPA RESPA The Consumer Financial Protection Bureau oversees the enforcement of which of the following statutes.? If Sara intends to have a baby in the near futureĪll of the above All of the above Which of the following statutes helps consumers become better shoppers for settlement services.? According to the ECOA, the bank is prohibited from asking Sara which of the following.?
PTERM FOR PAY OFF MORTGAGE FULL
government housing and urban development programs.?įDIC HUD HUD was created in what year.?Ģ009 1965 The Interstate Land Sales Full Disclosure Act was enacted in what year.?ġ988 1968 Which of the following is responsible for the enforcement of the Interstate Land Sales Disclosure Act.?Ĭonsumer Financial Protection Bureau Consumer Financial Protection Bureau The lender must provide the borrower with a Loan Estimate form within how many days of the loan application being filed.?ġ4 days 3 days The Equal Credit Opportunity Act was enacted in what year.?Ģ001 1974 Sara is working with a bank to obtain financing on her new house.
RESPA Federal Deposit Insurance Corporation (FDIC) Which of the following is responsible for the implementation andadministration of U.S. Sub-prime mortgage Sub-prime mortgage Which of the following helps to limit the impact on the economy and the financial system when a bank or thrift institution fails.? Regulation Z Regulation Z This refers to a type of loan granted to individuals with poor credit histories (often below 600), who, as a result of their deficient credit ratings, would not be able to qualify for conventional mortgages.? Prime lending rate Discount rate The Truth in Lending Act is also known as.? The minimum interest rate set by the Federal Reserve for lending to other banks is known as the.?
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