Mary is arranging a private second mortgage for her borrower, using her mother-in- law as the investor. Given this scenario, which of the following statements is most correct? Select one: a. Mary must disclose this to the borrower at the time of the application b. Mary must disclose this to the borrower in the Borrower Disclosure c. Mary doesn't have to disclose this as the lender's name is not required to be disclosed d. Mary doesn't have to disclose this as her mother-in-law is not considered non-arm's length 4 Jason, a mortgage broker, is in the process of preparing the appropriate disclosure documents for his private investor for a second mortgage renewal. Jason needs this mortgage to fund as quickly as possible, and is therefore including which of the following documents? Select one: a. Form 2 b. Form 2.1 c. Form 1 d. Form 1.1
Mary is arranging a private second mortgage for her borrower, using her mother-in- law as the investor. Given this scenario, which of the following statements is most correct? Select one: a. Mary must disclose this to the borrower at the time of the application b. Mary must disclose this to the borrower in the Borrower Disclosure c. Mary doesn't have to disclose this as the lender's name is not required to be disclosed d. Mary doesn't have to disclose this as her mother-in-law is not considered non-arm's length 4 Jason, a mortgage broker, is in the process of preparing the appropriate disclosure documents for his private investor for a second mortgage renewal. Jason needs this mortgage to fund as quickly as possible, and is therefore including which of the following documents? Select one: a. Form 2 b. Form 2.1 c. Form 1 d. Form 1.1
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
Pls help ASAP for both
Transcribed Image Text:Mary is arranging a private second mortgage for her borrower, using her mother-in-
law as the investor. Given this scenario, which of the following statements is most
correct?
Select one:
a. Mary must disclose this to the borrower at the time of the application
b. Mary must disclose this to the borrower in the Borrower Disclosure
c. Mary doesn't have to disclose this as the lender's name is not required to be
disclosed
d. Mary doesn't have to disclose this as her mother-in-law is not considered
non-arm's length
4
Transcribed Image Text:Jason, a mortgage broker, is in the process of preparing the appropriate disclosure
documents for his private investor for a second mortgage renewal. Jason needs this
mortgage to fund as quickly as possible, and is therefore including which of the
following documents?
Select one:
a. Form 2
b. Form 2.1
c. Form 1
d. Form 1.1
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Recommended textbooks for you
Understanding Business
Management
ISBN:
9781259929434
Author:
William Nickels
Publisher:
McGraw-Hill Education
Management (14th Edition)
Management
ISBN:
9780134527604
Author:
Stephen P. Robbins, Mary A. Coulter
Publisher:
PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract…
Management
ISBN:
9781305947412
Author:
Cliff Ragsdale
Publisher:
Cengage Learning
Understanding Business
Management
ISBN:
9781259929434
Author:
William Nickels
Publisher:
McGraw-Hill Education
Management (14th Edition)
Management
ISBN:
9780134527604
Author:
Stephen P. Robbins, Mary A. Coulter
Publisher:
PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract…
Management
ISBN:
9781305947412
Author:
Cliff Ragsdale
Publisher:
Cengage Learning
Management Information Systems: Managing The Digi…
Management
ISBN:
9780135191798
Author:
Kenneth C. Laudon, Jane P. Laudon
Publisher:
PEARSON
Business Essentials (12th Edition) (What's New in…
Management
ISBN:
9780134728391
Author:
Ronald J. Ebert, Ricky W. Griffin
Publisher:
PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:
9780134237473
Author:
Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:
PEARSON