Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Anki deck
| Question | Answer |
|---|---|
| Conventional financing | Mortgage financing which is not insured or guaranteed by a government agency |
| What is purpose of patriot act | Ensure that all elements of financial services industry are subject to appropriate requirements to report possible money laundering |
| What is acceleration clause | Instrument giving the lender the power to declare all sums of money owed to the lender immediately |
| What is ALTA | The American Land Title Association- the national trade association of the abstract and title insurance industry |
| How long does am individual have to bring a private law suit for violations of the RESPA section 6 | 3 years |
| What is title insurance | Insurance for the lender and the borrower that guarantees that the title for the property is free and clear |
| What are the 5 elements of an ARM | * index -statistical indication of a current financial condition ( treasury, COFI and LIBOR ) * margin - profit added to index * adjustment period- period which rate will adjust * rate cap - max amount of adjustment allowed * start/initial rate |
| Defeasance clause | Promise by lender to give borrowers all interest in property once the loan is paid in full |
| What legislation requires the credit score information disclosure | FACTA ( fair and accurate credit transactions act) |
| Under ECOA what are the penalties if a person is found guilty of discrimination | 1. Individual up to $10,000 2. Class action up to $500,000 or 1% creditors net worth |
| What is RESPA 10 | Sets limits on the amount a lender may require a borrower to put into escrow account |
| What is ginnie Mae | The government national mortgage association- government corporation within HUD which uses mortgages as collateral to sell mortgage backed securities to investors |
| What is Chapter 7 | Assets are seized and used to pay debts |
| What is the purpose of SAFE ACT | To enhance consumer protection and reduce fraud |
| What is the penalty for a first tier violation of fha | $10,000 |
| Who requires MIP | FHA |
| The relationship between the cost of borrowing and the total amount financed represented as a percentage is known as what | APR |
| What document has timing and amount of loan payment contained | Note |
| What is not considered a deceptive ad | Low 30 year fixed rates available |
| What regulation included the safeguard rule | Regulation P |
| What law does the FTC enforce | Map rule FACTA TSR |
| What is DTI | PITI plus monthly debt divide by income |
Created by:
Jessicahass