Homework Help is Here – Start Your Trial Now!
Business
Business Law
A mortgage agent is arranging a private mortgage for a borrower. Out of the following, what documents must be provided to the potential private investor? Select one: a. Borrower disclosure, Investor/Lender Disclosure and NOA b. Borrower disclosure and Purchase and Sale Agreement c. Investor/Lender Disclosure and if available an appraisal d. Borrower disclosure and Investor/Lender Disclosure

A mortgage agent is arranging a private mortgage for a borrower. Out of the following, what documents must be provided to the potential private investor? Select one: a. Borrower disclosure, Investor/Lender Disclosure and NOA b. Borrower disclosure and Purchase and Sale Agreement c. Investor/Lender Disclosure and if available an appraisal d. Borrower disclosure and Investor/Lender Disclosure

Question

Pls help ASAP for both

A mortgage agent is arranging a private mortgage for a borrower. Out of the following, what documents must be provided to the potential private investor? Select one: a. Borrower disclosure, Investor/Lender Disclosure and NOA b. Borrower disclosure and Purchase and Sale Agreement c. Investor/Lender Disclosure and if available an appraisal d. Borrower disclosure and Investor/Lender Disclosure
Transcribed Image Text:A mortgage agent is arranging a private mortgage for a borrower. Out of the following, what documents must be provided to the potential private investor? Select one: a. Borrower disclosure, Investor/Lender Disclosure and NOA b. Borrower disclosure and Purchase and Sale Agreement c. Investor/Lender Disclosure and if available an appraisal d. Borrower disclosure and Investor/Lender Disclosure
Josh and Josie are applying for a mortgage of $90,000. After seeing their appraisal report, you have determined that the LTV will 90%. When you look at your list of private lenders and their requirements, the one investor who will lend on this deal, Jacob, is strict about property taxes being administered by the investor's mortgage administrator on loans in excess of 80% LTV. Josh and Josie would prefer to manage the payments themselves, and provide proof to the lender periodically, as needed. You've submitted this application to this private investor and have received a commitment. In reviewing the commitment you've noticed that the payment details do not include the property taxes. Josh and Josie are on their way into your office now to sign the commitment and disclosure documents. How should you handle this situation? Choose the most correct answer Select one: a. If unable to contact Jacob, amend the commitment to include property taxes as part of the payment b. Contact Josh and Josie and postpone the meeting c. Contact Jacob immediately and advise him that the commitment letter must be corrected to align with his policy, and only arrange for client signatures after the fix has been addressed d. Contact Jacob immediately and ask him how he wishes to proceed
Transcribed Image Text:Josh and Josie are applying for a mortgage of $90,000. After seeing their appraisal report, you have determined that the LTV will 90%. When you look at your list of private lenders and their requirements, the one investor who will lend on this deal, Jacob, is strict about property taxes being administered by the investor's mortgage administrator on loans in excess of 80% LTV. Josh and Josie would prefer to manage the payments themselves, and provide proof to the lender periodically, as needed. You've submitted this application to this private investor and have received a commitment. In reviewing the commitment you've noticed that the payment details do not include the property taxes. Josh and Josie are on their way into your office now to sign the commitment and disclosure documents. How should you handle this situation? Choose the most correct answer Select one: a. If unable to contact Jacob, amend the commitment to include property taxes as part of the payment b. Contact Josh and Josie and postpone the meeting c. Contact Jacob immediately and advise him that the commitment letter must be corrected to align with his policy, and only arrange for client signatures after the fix has been addressed d. Contact Jacob immediately and ask him how he wishes to proceed
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer