What are the three basic components to the real estate financing market?
What is the most common form of real estate financing?
What is generally true regarding the buyers financing quizlet?
What is an example of financing in real estate?
What is the oldest manufactured home that can be financed?
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What are the guidelines for manufactured housing in Fannie Mae?
Frequently Asked Questions
What does FHA consider a permanent foundation for a manufactured home?
What federal agency insures mortgage loans?
What is PMI insurance used for?
What disclosures are required under RESPA?
What are the disclosures the lender must provide to the borrower?
What disclosures must be provided within 3 business days of receiving a mortgage loan application?
- What are the 4 main disclosures required under TILA?
- Sample disclosures required under TILA include:
- Annual percentage rate.
- Finance charges.
- Payment schedule.
- Total amount to be financed.
- Total amount made in payments over the life of the loan.
- Which of the following is not a provision of RESPA?
- The following are kinds of transactions that are not covered: an all cash sale, a sale where the individual home seller takes back the mortgage, a rental property transaction or other business purpose transaction. 3. Is a "time share" a covered transaction under RESPA?
- What are the provisions of the Real Estate Settlement Procedures Act?
- The act requires lenders, mortgage brokers, or servicers of home loans to provide borrowers with pertinent and timely disclosures regarding the nature and costs of the real estate settlement process. The act also prohibits specific practices, such as kickbacks, and places limitations upon the use of escrow accounts.
- What are the 4 types of QM?
- There are four types of QMs – General, Temporary, Small Creditor, and Balloon-Payment. Of the four types of QMs, two types – General and Temporary QMs – can be originated by all creditors. The other two types – Small Creditor and Balloon-Payment QMs – can only be originated by small creditors.
- Is RESPA a regulation?
- The Department of Housing and Urban Development (HUD) originally promulgated Regulation X which implements RESPA. Congress has amended RESPA significantly since its enactment.
Of the following statements which of the following concerning real estate financing is true?
|What is it called when you borrow money from your house that's paid off?||A home equity loan, also known as a second mortgage, enables you as a homeowner to borrow money by leveraging the equity in your home.|
|When a borrower has paid off the loan how is the release handle if the security instrument is a mortgage?||The lender will record the Deed of Trust or Mortgage document in the public records with the appropriate agency in the county where the property is located. Once the loan is repaid, the lender should provide a recordable lien release document.|
|What happens when someone pays off their mortgage?||When you pay off your mortgage, your lender will provide you with documents to show you have paid your home loan in full. You must collect all the necessary paperwork, and in some cases, escrow funds, before you can consider yourself finished with your mortgage.|
|What happens to your equity when you pay your house off?||As you pay off your mortgage, the amount of equity that you hold in your home will rise. The other notable way that home equity increases is when your house grows in value and your ownership stake in the property becomes worth more.|
|How do you leverage a paid off house?||A: Here are some smart ways to leverage your home equity:
- Are mortgage lenders federally regulated?
- The FTC enforces laws that protect consumers from deceptive mortgage practices by certain kinds of lenders. The FTC also takes action when companies use illegal tactics directed to people facing foreclosure.
- What are the 3 main fair lending regulations?
- Fair Lending Laws/Regulations
- Equal Credit Opportunity Act (ECOA) This law affects every phase of the lending process and prohibits discrimination on the basis of:
- Fair Housing Act (FHA)
- Americans With Disabilities Act (ADA)
- Civil Rights Act of 1866.
- Home Mortgage Disclosure Act (HMDA)
- Fair Lending Laws/Regulations
- What does Regulation Z apply to real estate loans for?
- Regulation Z protects consumers from misleading practices by the credit industry and provides them with reliable information about the costs of credit. It applies to home mortgages, home equity lines of credit, reverse mortgages, credit cards, installment loans, and certain kinds of student loans.
- What are the Regulation N mortgage acts and practices?
- Fulfill Your Regulation N Requirements Regulation N prohibits any person from making any material misrepresentation in connection with an advertisement for any mortgage credit product. An action under this part may be brought by a federal regulator or any state attorney general or other officer authorized by the state.
- What is the Residential mortgage lending Act?
- An applicant under the CRMLA may obtain a license as a lender, a servicer, or both. The CRMLA authorizes licensees to make federally related mortgage loans, to make loans to finance the construction of a home, to sell the loans to institutional investors, and to service such loans.