Terminology - Loan Origination

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The Uniform Residential Mortgage Loan Application is also known as the: 1003 Loan Estimate Closing Disclosure HomeLoan Toolkit

1003

TILA defines a(n) _______as anything produced with the intent to sell a credit plan: Advertisement Social media post Selling tactic Trigger term

Advertisement

APR stands for: Annual Percentage Rate Average Prime Offer Rate Annual Percentage Offered Rate None of the Above

Annual Percentage Rate

_________loan allows for a borrower to assume a current mortgage generally with little to no change in terms (especially the interest rate) if approved by the lender. Assumable Guaranteed Ensured Transferrable

Assumable

APOR stands for: Average Prime Offer Rate Annual Percentage Rate Annual Percentage Offered Rate None of the Above

Average Prime Offer Rate

For the LE, a _____day is a day on which the lender's offices are open to the public for carrying out substantially all its business functions. Consummation day Business day Working day None of the Above

Business day

COE stands for: Certificate of Eligibility Certificate of Entitlement Certificate of Entrance None of the Above

Certificate of Eligibility

CRV stands for: Certificate of Reasonable Value Certificate of Reasonable Valuation Certificate of Responsible Value None of the Above

Certificate of Reasonable Value

If the borrower owns the land and the house, they hold their home in: Fee Simple Leasehold Tenants in Common None of the Above

Fee Simple

The abbreviation of the Homeownership and Equity Protection Act is: HOEPA HOPA HPA None of the Above

HOEPA

LO Comp is the abbreviation for what federal law: Loan Originator Compensation Loan Officer Cooperation Loan Officer Compensation None of the Above

Loan Originator Compensation

NOV stands for: Notice of Value Notice of Valuation Notice of Volume None of the Above

Notice of Value

______ is a conditional commitment to grant a mortgage Pre-Qualification Pre-Approval Pre-Condition None of the Above

Pre-Approval

___________ includes an analysis of the borrower's credit report and an in-depth look at the borrower's income ability to purchase a home: Pre-qualification Pre-Approval Pre-Commitment None of the Above

Pre-Approval

PI stands for: Principal and Insurance Principal and Interest Partial Amortization and Insurance None of the Above

Principal and Interest

PITI stands for: Principal, Interest, Taxes and Insurance Principal, Interest, Title and Insurance Principal, Insurance, Title and Interest None of the Above

Principal, Interest, Taxes and Insurance

PMI stands for: Private Mortgage Insurance Privileged Mortgage Insurance Partial Mortgage Insurance None of the Above

Private Mortgage Insurance

_____________ is the amount of net income remaining (after deduction of debts and obligations and monthly shelter expenses) to cover family living expenses such as food, health care, closing, and gasoline. DTI Residual Income Housing expense Total expense

Residual Income

Another way to identify HOEPA is: Section 32 of TILA Section 35 of TILA Section 8 of RESPA None of the Above

Section 32 of TILA

Another way to identify an HPML is: Section 32 of TILA Section 35 of TILA Section 8 of RESPA None of the Above

Section 35 of TILA

________ are costs that the seller or lender are paying: Seller Concessions Loan Origination Fees Title Fees Prepaids

Seller Concessions

____ is what happens when an MLO pressures a borrower into a specific loan product even if it's harmful to the borrower. Flipping Churning Steering Predatory Lending

Steering

TIP stands for: Total Interest Percentage Total Intended Principal Total Interest Provided None of the Above

Total Interest Percentage

A__________is a phrase that represents the attractive features of the credit plan within the advertisement Advertisement Social media post Selling tactic Trigger term

Trigger term

UFMIP stands for: Upfront Mortgage Insurance Principal Upfront Mortgage Insurance Payment Upfront Mortgage Insurance Premium None of the Above

Upfront Mortgage Insurance Premium


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