Real Estate Financial Ch 5

Any person who receives or represents to the public that he or she will for compensation assist an applicant in obtaining a residential mortgage loan is defined as a:

Residential Mortgage Loan Originator

An order to cease and desist is known as a(n):

injunction.

Ethics differs from law in that ethics:

is what is right

The main purpose of the Home Mortgage Disclosure Act is:

to expose incidents of redlining

Good ethics leads to:

happy clients. referrals.more income for you.

A scheme where the property and borrower are non-existent is referred to as a(n):

Air Loan Fraud Scheme

Lending in the absence of discrimination based on race, sex, color, religion, national ancestry, marital status, or handicap is known as:

Fair Lending

The act that establishes uniform standards for credit reporting and strengthens consumer protection against identity theft is known as the:

Fair and Accurate Credit Transaction Act (FACTA).

A core area containing a substantial population nucleus of 50,000 or more inhabitants is known as a:

Standard Metropolitan Statistical Area

The intentional misrepresentation or omission of material facts by applicants to improperly influence a mortgage loan lender is is referred to as:

mortgage fraud