Term
| What would prevent conveyance of title? |
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Definition
An encumbrance would prevent conveyance.
Encumbrances are a debt or lien against the property. |
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Term
| Requirements for a "no doc" loan |
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Definition
| Applicant is required to have an appraisal and a sufficient credit score. |
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Term
| HOEPA borrower requirement |
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Definition
| The borrower must provide reliable evidence of the ability to pay PITI Principal, Interest, Taxes & ins |
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Term
| What is the only term for a USDA loan |
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Definition
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Term
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Definition
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Term
| What loan type considers residual income? |
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Definition
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Term
| Common indices used for adjustable rate mortgages are/ |
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Definition
T-Bill index
11th District Cost of Funds (COFI)
London Interbank Offered Rate (Libor) |
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Term
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Definition
| fees earned for selling or transferring a loan |
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Term
| What is the max percentage that an origination fee, selected by the originator, can increase? |
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Definition
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Term
| Under TILA which days are included in the 3 day rescission? |
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Definition
| every day except sunday & holidays |
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Term
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Definition
| the retail interest rate a borrower may receive sans points. |
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Term
| What is a deed-in-lieu of foreclosure |
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Definition
| Voluntarily giving the deed to the lender. |
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Term
| What are common no doc loans? |
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Definition
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