Mark, a mortgage agent level 2. is preparing to explain the private second mortgagecommitment he's obtained for his client, Dan. In reviewing the commitment letter,Mark sees a clause that he is not clear on, so Mark asks his supervising broker forassistance. This is the clause:POSTPONEMENTTHIS mortgage shall not be postponed without the written consent of the lender.which may be arbitrarily withheld.Marks's supervising broker tells Mark to tell his client that this means:Select one:a. Dan can't refinance his first mortgage without this lender's approvalb. Dan can't take out a third mortgage without this lender's approvalc. This lender does not have to allow Dan to obtain a third mortgaged. This lender does not have to allow Dan to renew his first mortgage Tarek is a mortgage broker, working on behalf of his borrower, Ester. He hasreceived a private lender's commitment and is now preparing to meet with Ester todiscuss it with her. In this meeting Tarek must also provide Ester with:Select one:a. The name of the private lenderb. Any risks associated with this proposed mortgagec. The lender's exit strategyd. The investor/lender disclosure form

1. The correct option is: c. This lender does not have to allow Dan to obtain a third mortgage.…

Answered: Mark, a mortgage agent level 2. is…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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