SAFE Mortgage Loan Originator | 96 Questions and Answers(A+ Solution guide)
requalification - an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio - 29/41 FHA ratio - 31/43 Asset based loan - -loans based on borrowers equity -bad when lenders fail to consider ability to repay High Cost Loan - Reg Z - Sec. 1026.32 -APR will exceed by more than 6.5% for first lien loans or by more than 8.5% for subordinate -APOR - average prime offer rate 1. 5% 2. 6.5% 3. 8.5% RESPA - Section 8 - Nothing of value for referrals - No kickbacks Respa - Esign Act - can use electronic signature with permission of borrower Gramm Leach Bliley - -borrower notification must state who company shares info with -consumers can opt-out of info sharing (send notice to consumer) -Protects from phishing -Safeguard RulesSafeguard Rules - -company and staff need to protect the consumers identity -lock up files -part of GLB act second mortgage - -All money upfront -no escrow as long as first mortgage is paying it
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