Shared Flashcard Set

Details

NMLS GFE
Good Faith Estimate
5
Real Estate & Planning
Not Applicable
08/29/2012

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
The new RESPA rules changes somewhat ____ the ____ between RESPA and TILA.
Definition
blur the line (I thought this would be good to know)
Term
What is the traditional definition of "application" in the world of mortgage lending?
Definition
an oral or written request for an extension of credit that is made in accordance with the procedures established by a creditor for the type of credit requested.
Term
What 6 items of information should be enough for an originator to be able to produce an accurate GFE for a borrower?
Definition
1. Name
2. SSN (to obtain a credit report)
3. Gross Monthly Income
4. Property Address
5. Estimate of property value
6. The amount of the mortgage loan sought.
Term
Once a good faith estimate has been delivered, a creditor can not collect any type of fee other than a credit report fee for how long?
Definition
3 days.
Term
What is the penalty for violating the three day waiting period when it comes to colecting fees?
Definition
$7500.
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