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When the new buyer makes the payments on a loan as if nothing has changed

"subject to" purchase.

What is a government-sponsored enterprise?

A private company the U.S. Congress created to make certain borrowing easier and cheaper

What is a carryback loan?

A second loan financed by the seller

what must the lender give to the borrower in the days immediately prior to settlement?

Closing Disclosure

interim financing

Construction loans

named as a land contract, real estate contract, contract for sale, agreement for deed, or as articles of agreement.

Contract for deed

turning a deed over to bank

Deed in lieu

Your clients have signed a contract for deed to purchase a property. What rights do they receive?

Equitable title and possession of the property

Which type of loan is insured by the Federal Housing Administration?

Government loan

requirement for veterans to use the VA's Specially Adapted Housing grant

Have permanent and total service-connected disability

With a straight mortgage, what type of payments are made up until the end of the loan term?

INTEREST

blanket lien

It gives lenders the ability to recover losses due to a foreclosure sale from any current or future property the borrower owns.

Which of these business structures offers personal liability protection in the event of a lawsuit against the licensee's business?

LLC

What makes up the fully indexed rate?

Margin plus index

example of an involuntary, specific, statutory lien

Materialman's lien

provided emergency assistance grants to states to purchase and redevelop foreclosed and abandoned homes and residential properties

Neighborhood Stabilization program

How can liens, such as those created by non-payment of federal income tax, result in mortgage default?

New liens can threaten the lender's position as primary lienholder. Default can occur for this reason.

Which type(s) of finance instrument can one use for the loan agreement?

Note with mortgage, note with deed of trust, or contract for deed

low fees and higher interest rates

Online bank

In which type of participation agreement would a financier lower the interest on the mortgage in exchange for partial ownership of the project?

Partnership between mortgagees and mortgagors

WHAT would the appraiser find in the Neighborhood section of the URAR?

Property value trends

not one of the lender requirements under the Community Reinvestment Act?

Providing school loans in low-income areas

equivalent of the defeasance clause in the mortgage

RECONVEYANCE

What one do to remove their name from the loan agreement

Request a novation (The novation is a process that substitutes one person for another on a contract)

What qualifying ratios are used in a VA home loan?

Residual income and debt-to-income

enacted in 2010 to create stricter regulation of the financial services industry to reduce costs for consumers from (for instance), undisclosed kickbacks.

Respa

Which mortgage-related document is the equivalent of the deed of reconveyance used with a deed of trust

Satisfaction of mortgage

most common form of business structure for a new licensee

Sole proprietor

requirement to qualify for a VA loan?

Sufficient income

introduced to combat discriminatory lending practices against individuals and businesses in low- and moderate-income neighborhoods

The Community Reinvestment Act

Who pays loan-related closing costs before, during, and after closing including fees for things like the underwriting

The borrower (buyer)

Who must provide the buyer and seller with a copy of the closing disclosure?

The buyers lender

Page four of the Closing Disclosure includes consumer education about

The use of an escrow account

What is true about buydowns with a VA loan?

They're allowed only on fixed rate loans.

can offer direct loans to farmers and ranchers

USDA Farm Service Agency