Construction loan - Study guides, Class notes & Summaries

Flipping is a scheme where several people each purchase a property within the neighborhood and then sell the properties to one another, inflating the price of the home with each sale. - False YTD paystubs will be requires from a borrower that is self-employed (schedule C) - False A borrower requesting a jumbo loan will qualify for an agency loan - False Trailing spouse income can be used for qualifying purposes. - False The following are types of renovation mortgages - FNMA Homestyle and FHA 203...

Which of the following is most vital or important in planning a subdivision: - ANSWER-Market Analysis When rent is computed on the gross sales of a business occupying real property, the lease is correctly termed: - ANSWER-Percentage Lease What is not an adequate method of transferring property? - ANSWER-Executive Sale What is considered personal property? - ANSWER-Existing Mortgage If an income property is valued at $100,000 based on an 8% capitalization rate, what would be the value...

With respect to bearing the risk of future property price fluctuations, which of the following lending relationships is viewed as the most risky from the borrower's perspective? Correct Answer-Straight debt Developers may be attracted to a _______________________which enables them to proceed with construction without long term financing, if they expect to sell the project or refinance into a permanent loan before the term of the ______________________expires. Correct Answer-Mini-perm loan ...

(Fair and Accurate Credit Transactions Act of 2003) FACTA Purpose is to... - ... address the problem of identity theft. To facilitate consumer's access to information retained by the CRAs, and to improve the accuracy of consumer reports. (FCRA) The National Consumer Assistance Plan (NCAP) aims to... - ...improve consumer experience, data accuracy, and quality. (HMDA) In addition to originations, reportable HMDA data includes... - - Loan Applications - Loan Denials - Loan Approvals - Loa...

MAC2602 Assignment 3 (VERIFIED ANSWERS) Semester 2 2024 - Due 16 September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations. . 1.1 Select one example of what should be reflected in a mission statement. a) We are a distribution organisation that provides fresh produce and high-quality produce to a network of independent retailers who trade under our brands. We are not in the grocery business; we are in the people business. b) Nothing means more to us than our valued customers, and...

Deed of Trust Loan - correct answer Deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan Factors influencing real estate supply - correct answer - Labor force availability - Construction and material costs - Government controls - Govt. financial policies Factors influencing real estate demand - correct answer - Population - Demographics - Employment and wage levels Realtor - correct answer Member of the National Associ...

Deed of Trust Loan - correct answer Deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan Factors influencing real estate supply - correct answer - Labor force availability - Construction and material costs - Government controls - Govt. financial policies Factors influencing real estate demand - correct answer - Population - Demographics - Employment and wage levels Realtor - correct answer Member of the National Associ...

Which of the following is responsible for determining whether to issue a license approval? - The NMLS - The Governor - The Legislature - The Commissioner - The Commissioner. The Commissioner or state regulator for financial institutions determines licensing eligibility. A subordinate lien that allows a borrower to pay down principal and continue to make withdrawals is known as: - A reverse mortgage - An ARM - A home equity line of credit - A piggyback loan - A home equity line of cred...

Functional obsolescence - Answer- Refers to the loss in desirability of the style, layout or function of an element of a property over time Sales comparison - Answer- best indicator of value for existing properties highest and best use - Answer- the legal use for property that gives the greatest return in money and/or amenities external obsolescence - Answer- the loss in value of a property caused by factors outside the property itself principle of contribution - Answer- suggests the...

Who are the stakeholders in the loan process? (Ans- The stakeholders in the loan process are: the borrower, the lender, the contracting company, and the NSA(Notary Signing Agent) Who hires an NSA? (Ans- An NSA is hired by a contracting company to provide signing services and oversee the actual loan signing with the borrower. What is a contracting company? (Ans- A closing company could be: -closing agent -bank -escrow company -attorney -signing service -borrower's What ty...