Terms in this set (20)
1. The element of an adjustable interest rate that is the "moving part" is the:
2. Which of these aspects of a mortgage loan will be addressed in the note rather than in the mortgage?
3. A lender may reserve the right to require prepayment of a loan at any time they see fit through a(n):
4. When a buyer of a property with an existing mortgage loan acquires the property without signing the note for an existing loan the buyer is acquiring the property:
Subject to the mortgage
5. Which if these points in a mortgage loan would be addressed in the mortgage (possibly in the note as well)?
6. To finance property where either the borrower, the property, or both fail to qualify for the standard mortgage financing, a common nonmortgage solution is through the:
Contract for deed.
7. Ways that a lender may respond to a defaulted loan without resorting to foreclosure include all of the following except
Accelerate the debt
8. If the lender in a standard first mortgage wishes to foreclose cost effectively, it is crucial to have which clause in the mortgage
9. A common risk that frequently interferes with a lender's efforts to work out a defaulted loan through either nonforeclosure means or foreclosure is
10. The characteristics of a borrower than can be considered by a lender in a mortgage loan appreciation are limited by the:
Equal Credit Opportunity Act.
11. The Real Estate Settlement Procedures Act does which of these:
All of the above
12. Foreclosure tends to be quickest in states that:
Have power of sale
13. From a home mortgage lender's perspective, which statement is true about the effect of bankruptcy upon foreclosure
Chapter 7 bankruptcy is the most "lender friendly" form
14. The most internationally oriented index rate for adjustable rate mortgages is:
A LIBOR rate
15. A type of loan that has grown in volume in recent years which has raised concerns about predatory lending practices is the
16. A partially amortizing loan always will have
A balloon payment
17. Which of these statements is true about mortgage loans for income producing real estate?
All of the above
18. With what type of loan security arrangement is the deed held by a neutral party and returned upon payment of the mortgage in full?
Deed of trust
19. The Truth in Lending Act gives a home mortgage borrower how long to rescind a mortgage loan
20. Which statement is correct about the right of prepayment of a home mortgage loan?
Most home mortgage loans have the right of prepayment without charge, but not all, and the borrower should check the loan carefully
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THIS SET IS OFTEN IN FOLDERS WITH...
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