Which of the following is a borrower's right provided by the Mortgage Bankers Association that is NOT provided by HUD? ght to timely and truthful disclosures regarding the rates and costs of the loan ght to clear and forthright explanations of the terms and conditions of a loan ght to have a lender consider a borrower's ability to repay the loan before such credit is extended ght to accurate disclosure of the final annual percentage rate and the amount of regular payments at the time of loan osing/settlement

Q: Ways that a lender may respond to a defaulted loan without resorting to foreclosure include all of…

A: ExplnationThe lender's response options to a defaulted loan often involve alternatives to…

Q: definition and recognition criteria of liabilities

A: Liability is the obligation to be repaid or loss to be met in future.

Q: banker requires financial information to assess whether:   I. The borrower can repay the loan…

A: Loan is amount of money lent by borrower which can be used for the purpose of business or any other…

Q: Ways that a lender may respond to a defaulted loan without resorting to foreclosure include all of…

A: In the context of a lender's response to a defaulted loan, the options provided in the…

Q: understand how the secondary mortgage market functions, remember that the primary function of this…

A: Secondary mortgage market is the market where banks repackage and sell mortgages as securities to…

Q: A lender whose mortgagor has defaulted may be offered a deed in lieu of foreclosure. If he accepts,…

A: The correct answer is: (B) The lender will take title subject to any junior Liens. A deed in lieu of…

Q: Mortgage Bankers provide all of the following functions EXCEPT: originate mortgage loans, provide…

A: Mortgage bank used to specialize for lending the funds, which are against the mortgage regarding the…

Q: Which of the following is an example of nonrecourse debt? (a) A personal loan secured by collateral…

A: A nonrecourse debt is where the borrower is liable only till its collateral, i.e the lender can only…

Q: S Throughout the process of originating and selling mortgages, mortgage companies face a number of…

A: Down payment is the percentage of the loan that is not paid off at the time of applying for a…

Q: When might a borrower want to have another party assume his liability under a mortgage loan?

A: There are basically two conditions when a borrower might want to have a third party:

Q: Warranty liabilities, professional fees, and debt guarantees are examples of:  common types of…

A: Warranty Liability is a liability to replace the defect (if any) arise in the goods or services…

Q: 44. Which statement correctly identifies the loan type with its function? O (a) FHA guarantees loans…

A: A loan is defined as the financial term, where the funds or money is given to some other party in…

Q: Assuming the borrower is in no danger of default, under what conditions might a lender be willing to…

A: There can be majorly two possibilities under which a lender may accept a lesser amount than that of…

Q: None

A: The most appropriate action to take to maintain the original integrity of the loan is to: Ensure…

Q: What is private mortgage insurance?  How does it work to protect a lender from risk?   What are the…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Canceling the original loan and signing a new loan agreement with different terms to settle troubled…

A: The question is related to Canceling the original loan and signing a new loan agreement with…

Q: The document a lender gives a borrower detailing the actual costs of a loan is called     a…

A: A truth in lending disclosure is an agreement where there are some important disclosure made by the…

Q: All of the following concepts with regard to the evolving title theory of mortgage lending are true…

A: mortgage is arranged loan in which lender is owner of property till mortgage amount are paid if loan…

Q: What is the formula used to determine the amount repayable to the lender under the Cash Back Option…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: A(n) _________ is a lender, seller, or any other person in whose favor there is a security interest.…

A: Following are the definitions:   Unsecured Creditor: A creditor not having the benefit of security…

Q: Which would be the appropriate section in the codification for the following:  "Borrowings…

A: The Financial Accounting Standards Board (FASB) is an accounting body whose main purpose is to set,…

Q: What are the main types of mortgages issued by financial institutions ?

A: Mortgage means taking title of the borrowers property in exchange of lending money which is repaid…

Q: When would the cost of credit life insurance be included in the finance charge and APR calculations…

A: Introduction: The cost of a credit insurance premium depends on different aspects such as the size…

Q: Which of the following correctly describes the exchange between lender and borrower in a typical…

A: The question concerns the paperwork and steps that are usually needed in a real estate loan…

Q: Describe some of the motives and mistakes made by the mortgageoriginators?

A: The mortgage broker did not fix a target. Without a clear aim for the year, couriers can transfer…

Characteristics of Bonds