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Chapter 14 Test

Enter the letter for the matching Answer
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1.
Predatory Lending Act
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2.
open-end mortgage
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3.
buy down
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4.
package loan
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5.
Real Estate Settlement Procedures Act (RESPA)
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6.
Freddie Mac
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7.
Federal Reserve System
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8.
jumbo loan
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9.
Regulation Z
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10.
purchase-money mortgage
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11.
FHA-insured loan
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12.
home equity loan
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13.
reverse-annuity mortgage (RAM)
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14.
Department of Housing and Urban Development (HUD)
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15.
loan-to-value ratio (LTV)
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16.
Equal Credit Opportunity Act (ECOA)
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17.
blanket mortgage
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18.
Fair Credit Reporting Act
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19.
Short sale
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20.
conventional loan
A.
a loan from private investors that requires no government insurance nor guarantee
B.
federal law that ensures that residential buyers and sellers receive full disclosure of all settlement charges; mandates HUD booklet about closing costs, a good-faith estimate of closing costs, and hUD-1 closing statement.
C.
a loan insured by the FHA and made by an approved private lender according to FHA's regulations
D.
A federal cabinet dept. active in national housing programs; offers programs such h as urban renewal, public housing, model cities, rehabilitation loans, FHA subsidies, fair housing enforcement
E.
covers more than one parcel of land and usually is used to finance subdivision developments, though it can be used to finance the purchase of improved properties as well
F.
a source of funds for homeowners who wish to finance the purchase of expensive items; consolidate existing installment loans on credit card debt; or pay for medical, educational, home improvement, or other expenses
G.
implements the Truth in Lending Act requiring credit institutions to inform borrowers of the true cost of obtaining credit
H.
a corporation established to purchase primarily conventional mortgage loans in the secondary market
I.
a loan that includes not only the real estate, but also all fixtures and appliances installed on the premises; has been used extensively in financing furnished condo units
J.
a way to lower the initial interest rate on a mortgage or deed of trust loan;discount points lower the effective interest rate paid by the buyer reducing monthly payments for a set time
K.
imposes restrictions and limitations on high-cost loans; revises permissible fees and charges on certain loans; prohibits unfair or deceptive practices by lenders
L.
When lender allows a borrower in default to sell the property for less money necessary to satisfy loan to avoid foreclosure sale; lender usually "forgives" the balance owed after the sale. IRS may consider forgiven amount borrower's taxable income.
M.
The country's central banking system, which controls the nation's monetary policy by regulating the supply of money and interest rates
N.
a residential mortgage loan in excess of acceptable loan amounts for purchase by Fannie Mae or Freddie Mac; also called nonconforming loans
O.
federal law giving consumers the right to view and correct their credit information
P.
Prohibits creditors from discrimination on the basis of race, color, religion, national origin, sex, marital status, age, and receipt of public assistance.
Q.
a line of credit allowing the mortgagee to make additional future advances of funds to the mortgagor, and are generally set up as home equity loans.
R.
allows senior citizens on fixed incomes to utilize the equity buildup in their homes by receiving regular monthly payments from the bank
S.
ratio of debt to value of the property
T.
a note secured by a mortgage or deed of trust given by a buyer as a borrower, to a seller, as lender, as part of the purchase price of the real estate.
Type the Question that corresponds to the displayed Answer.
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21.
a mortgage loan on approved property made to a qualified veteran by an authorized lender and guaranteed by the Dept. of Veterans Affairs to limit the lender's possible loss.
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22.
In real estate advertising, specific phrases called trigger terms, require the advertiser to comply with regulation z, and provide the apr (annual percentage rate)plus total financing term disclosure, including total finance charge.
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23.
made up of lenders that originate mortgage loans
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24.
A loan made to a borrower with a credit rating below what is required for regular loans creating greater liability for the lender that is countered by higher interest rates and fees; called B, C, or D paper.
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25.
enables a borrower who is paying off an existing mortgage to obtain additional financing from a second lender or the seller.
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26.
a market for the purchase and sale of existing mortgages
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27.
a written agreement between holders of liens on a property that changes the priority of mortgage, judgment, and other liens under certain circumstances.
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28.
a gov't agency under HUD that sells mortgage-backed securities that are backed by pools of FHA and VA loans
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29.
a quasi-government agency established to purchase any kind of mortgage loans in the secondary mortgage market from the primary lenders.
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30.
AKA the market data approach. When an estimate of value is obtained by comparing the subject property with recently sold comparable properties.

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