Financing and Settlement Exam 1 Flashcards Preview

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Flashcards in Financing and Settlement Exam 1 Deck (11)
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1

Person who pledges property in exchange for a loan is the

Mortgagor

2

When mortgage is in default, authority to sell is held by the

Court

3

When note secured by trust deed goes into default, authority to sell is held by the

Trustee

4

Loan interest is paid in...

arrears

5

From 1 discount point...a lender would benefit...

1/8 percent

6

Up front lender fees, usually a percent of the loan =

Origination fee

7

How much extra money can be held in escrow account?

60 days excess funds (two months)

8

Mortgage payment: order of obligations

1. Escrow requirements
2. Interest
3. Principal
4. Late charges

9

Loan to value amount that triggers lenders to implement mortgage insurance

80%

10

Due on Sale clause = __________ Clause

Alienation

11

Default in trust deed activates ___________ clause

Redemption