Which of these organization's public mission and defining goal is to help more families achieve the American Dream of homeownership?
Federal National Mortgage Association
.
How does FHA help HUD fulfill its mission?
FHA's multifamily programs provide
mortgage insurance to HUD approved lenders
to facilitate the construction, substantial rehabilitation, purchase and refinancing of multifamily housing projects and healthcare facilities.
What was created to stabilize the nation's mortgage markets and expand opportunities for homeownership and affordable rental housing?
THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD):
HUD's mission is to create strong, sustainable, communities and quality affordable homes for all. HUD is working to strengthen the housing market to boost homeownership.
Who would most likely obtain a blanket mortgage?
- A blanket mortgage is a single mortgage that covers two or more pieces of real estate.
- The real estate is held together as collateral, but the individual properties may be sold without retiring the entire mortgage.
- Blanket mortgages are commonly used by developers, real estate investors, and flippers.
What agency administers RESPA?
2 15 U.S.C. 7001 et seq. Act) granted rule-making authority under RESPA to
the Consumer Financial Protection Bureau (CFPB)
and, with respect to entities under its jurisdiction, generally granted authority to the CFPB to supervise for and enforce compliance with RESPA and its implementing regulations.
What are the goals of HUD?
HUD'S MISSION IS TO
CREATE STRONG, SUSTAINABLE, INCLUSIVE COMMUNITIES AND QUALITY, AFFORDABLE HOMES FOR ALL
.
Is FHA and HUD the same thing?
Federal Housing Administration | HUD.gov / U.S. Department of Housing and Urban Development (HUD) The Federal Housing Administration (FHA) is part of the U.S. Department of Housing and Urban Development. We provide mortgage insurance on loans made by FHA-approved lenders.
What is the typical LTV used by most banks for residential loans?
Generally, a good LTV ratio for a home loan is
80 percent or lower
, which means that the loan is worth 80 percent of less of the value of the home. Loans are granted if the ratio is higher than that, but only if the loan applicant takes out.
What type of property can have a conventional loan quizlet?
– You can use a conventional loan to
buy a primary residence, second home, or rental property
.
How do you release MERS?
The loan servicer will send a lien release to the county recorder's office. The release should contain the MIN and the telephone number to access the MERS VRU, which is the number the general public may call to obtain information about the MERS servicer. The number for the VRU is
1-888-679-MERS (679-6377)
.
What is Reg Z in lending?
Regulation Z
prohibits certain practices relating to payments made to compensate mortgage brokers and other loan originators
. The goal of the amendments is to protect consumers in the mortgage market from unfair practices involving compensation paid to loan originators.
What is also known as a blanket mortgage?
A blanket mortgage, or a blanket loan, is
used to buy multiple pieces of real estate property at a time
. … This enables a client to sell the property without having to repay in full or refinance the loan each time a property is sold.
How hard is it to get a blanket loan?
Hard money blanket loans can be attained by borrowers that don't qualify for conventional loans or
need a financing quickly with a minimum of documentation
, based on the equity in the properties. Commercial blanket loans and Hard Money blanket loans that are expiring often need to be refinanced.
What types of loans does RESPA apply to?
The Real Estate Settlement Procedures Act (RESPA) is applicable to
all “federally related mortgage loans
,” except as provided under 12 CFR 1024.5(b) and 1024.5(d), discussed below.
What are the 6 RESPA triggers?
The six items are the consumer's name, income and social security number (to obtain a credit report),
the property's address, an estimate of property's value and the loan amount sought
.
What is the main purpose of RESPA?
The Real Estate Settlement Procedures Act (RESPA)
provides consumers with improved disclosures of settlement costs and to reduce the costs of closing by the elimination of referral fees and kickbacks
. RESPA was signed into law in December 1974, and became effective on June 20, 1975.
