deed of trust
The mortgage, which is also called a deed of trust or a security instrument, represents the borrower’s promise to repay the loan secured by the home. It is the document that permits the lender to foreclose on the property and take possession if a homeowner does not make their mortgage payments.
What is a compliance agreement?
A Compliance Agreement is a document in a closing loan document package in which a borrower agrees to “comply” with requests from the lender or closing agent to correct typographical or clerical errors and inadvertent mistakes in the loan documentation.
When a loan is characterized as conforming it means the loan?
A conforming loan is a mortgage with terms and conditions that meet the funding criteria of Fannie Mae and Freddie Mac. Conforming loans cannot exceed a certain dollar limit, which changes from year to year. In 2021, the limit is $548,250 for most parts of the U.S., but higher in some more expensive areas.
When a loan is characterized as conforming This means the loan quizlet?
Explain the risks and benefits of the ARM product in which the client is closing. When a loan is characterized as “conforming,” it means the loan: In an ARM, margin is determined by: a. The broker, and it is the amount of profit split between the broker and lender.
Which is document represents the borrower’s promise to repay the loan?
Which document represents the borrower’s promise to repay the loan? If during the signing appointment the borrower divulges that the property being financed is an investment property, while the loan papers indicate it is for a primary residence, the Notary Signing Agent should:
Who is responsible for ensuring that the Closing Disclosure?
Who is responsible for ensuring that the Closing Disclosure is delivered to the consumer? D. The CFPB Which law restricts the sharing of information given when a consumer applies for a mortgage loan? Which document actually contains the borrower’s promise to repay the loan? A. The deed B. The mortgage C. The note D. The TIL Disclosure C. The note
Which is the property pledged in the loan instruments?
The property which is pledged in the loan instruments is called the :: Equitable right of redemption The ADDITION TIME period in which the borrower can pay a debt and REDEEM his property is called :: Hypothecate Under the Lien theory, title is said to to ———- to the lender The lender
Who is the borrower or person making the loan?
The Borrower, or person making the loan is :: Mortgagee The person who lends the money Promissory Note The document which contains the “promise” to repay along with the specific conditions and stipulations is a :: Collateral The property which is pledged in the loan instrument is called the :
