Mortgages Study guides, Class notes & Summaries

Which of the following is part of RECA's commitment to consumer protection? - AnswerWhat are some benefits that mortgage brokerage trade associations offer their members? - Answer- Licensing Standards for mortgage industry members Which entity has the authority to amend the Act? - Answer- Provincial Legislators Which of the following represents an accountability mechanism that RECA must comply with under the Act? - Answer- Previous Fiscal year In addition to mortgage brokerage trade associ...

Test Bank For Financial Markets And Institutions 8th Edition By Saunders/ Chapter 01 Introduction True / False Questions 1. Primary markets are markets where users of funds raise cash by selling securities to funds' suppliers. True False 2. Secondary markets are markets used by corporations to raise cash by issuing securities for a short time period. True False 3. In a private placement, the issuer typically sells the entire issue to one, or only a few, i...

Select all that apply. Which of the following fields can be used to search for a loan in Loan Product Advisor (LPA)? - -Property Address -AUS Transaction Number -Borrower Last name -Fannie Mae ID All The opportunity to utilize streamlined appraisal is lost if the lender fails to submit an accurate address for the subject property to Desktop Underwriter (DU). - False* What is the primary role of the GSEs, Fannie Mae and Freddie Mac? - Buy mortgages and create mortgage-backed securities ...

Reverse Mortgages Exam Questions and Answers 100% Pass Who are reverse mortgages popular products for and why? - Answer- Popular for older homeowners who have equity in their homes and little or no income. What do reverse mortgages allow people to do? - Answer- Allow older homeowners to use equity in their homes to meet expenses of living or to pay for home improvements Are borrowers required to repay a reverse mortgage? - Answer- They are not required to repay as long as they continue to...

Reverse Mortgages Exam Questions and Answers 100% Pass Reverse Mortgages - Answer- A loan used by qualified homeowners age 62 or older, who have equity in their homes, but little to no income This loan allows the elderly to use the equity in their homes to meet the expenses of living, or tp help pay for home improvements T or F? Borrowers do not have to repay the loan as long as they continue to live in the house - Answer- TRUE What are the 3 types of Reverse Mortgages? - Answer- 1. Sing...

Promulgated Contract Forms Practice Test Questions With All Correct Answers Elements of a Valid and Enforceable Contract - CORRECT ANSWERS 1. Competent Parties 2. Offer and Acceptance (mutual consent) 3. Legal Purpose 4. In Writing 5. Consideration Valid Contract - CORRECT ANSWERS A contract that meets all the requirements of law. Void Contract - CORRECT ANSWERS A contract having no legal force or binding effect...

ad valorem - Answer- According to Value The basic responsibilities of an Appraiser to all taxable property. - Answer- 1. Discovery 2. Listing 3. Valuation The taxable location of personal property is referred to as its' - Answer- Situs The type of value usually estimated by an Appraiser is the - Answer- Market Value The effective tax rate reflects the ratio between what - Answer- The current tax bill and the property value Assessment level times the tax rate equals - Answer- Th...

Business Math (Chapter 14): Loan Amortization, Mortgages

SOLUTIONS MANUAL / Test Bank for Financial Accounting Fundamentals, 8th Edition, By John Wild. ISBN13: 9781260728606 Updated A+ CONTENTS 1 Accounting in Business Importance of Accounting Users of Accounting Information Opportunities in Accounting Fundamentals of Accounting Ethics—A Key Concept G enerally Accepted Accounting Principles Conceptual Framework Business Transactions and Accounting Accounting Equation Transaction Analysis Summary of Transactions Financial Statements Income Statement ...

The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: a. 0. b. 0.01% of the Maximum Claim Amount. c. 1% of the Maximum Claim Amount. d. 1.25% of the Maximum Claim Amount. - ANSWER-b If repairs are required but can be completed after closing, the lender will create a repair set-aside in the amount of: a. 15% of the maximum claim amount. b. 100% of the actual cost of repairs. c. 100% of the estimated cost of...