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When full payment of arrears and costs have been made, the loan has been reinstated, bringing the loan current and placing the borrower in good standing.
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One of the primary purposes of the Real Estate Settlement Procedures Act (RESPA) is to ____
provide consumers with enough information to enable them to effectively shop for settlement services.
In the context of mortgage finance, a beneficiary statement is made ____
by the lender to state the current balance required to pay off a real estate loan.
Compared to a loan insured by a government entity, a conventional loan has a ____
lower loan-to-value (LTV) ratio.
When the Federal Reserve (the Fed) increases the reserve requirements, referred to as tight money policy, it will ____
decrease loan activity.
Which of the following is true regarding promissory notes?
They are the evidence of the debt.
Lenders use a debt-to-income ratio (DTI) to determine ____
whether a borrower qualifies for a loan.
In real estate financing, the acronym “PMI” means ____
private mortgage insurance.
The beneficiary of a trust deed is most likely a ____
The sale of property in which the amount of the net proceeds is less than the principal balance owed but is accepted by the lender in full satisfaction of the loan is called a (n) ____
A(n) ____provision in a trust deed allows future loans on the property to have priority.
The primary purpose behind the creation of the Federal National Mortgage Association (FNMA) was ____
to increase the money available to housing.
The loan program that requires payment of mortgage insurance premiums (MIPs) and will make loan payments for up to six months if the borrower becomes involuntarily unemployed is called:
California Housing Finance Agency (CalHFA).