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COURSE 1 CHAPTER 17

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Lenders qualify buyers using what are called qualifying standards or
verification information.
loan underwriting standards.
loan origination standards.
loan contingencies.

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Terms in this set (29)

Lenders qualify buyers using what are called qualifying standards or
verification information.
loan underwriting standards.
loan origination standards.
loan contingencies.

loan underwriting standards.

Which mortgage clause requires the borrower to maintain the physical condition of the property?
Preservation and Repair of Property
Preservation and Maintenance of Property
Property Order
Borrower's Duties

Preservation and Maintenance of Property

What creates a hierarchy of claims against a property?
The lien
The chain of title
The evidence of deed
The system of recording

The system of recording

Borrower Jake has defaulted on his mortgage and the lender has required the loan to pay in full. This action is based on which mortgage feature?
Forward Clause
Advanced Clause
Acceleration Clause
Call Due Clause

Acceleration Clause

If a lender's letter states that loan approval is subject to "verification of the buyers' income and credit information" then the letter is a
preapproval letter.
promissory note.
right of assignment.
prequalification letter.

prequalification letter.