Financing and Settlement Exam 2 Flashcards Preview

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Flashcards in Financing and Settlement Exam 2 Deck (7)
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1

Truth in Lending Act applies to which type of loan transactions?

Single family home loan

2

Right of rescission is how many days after signing

3 days

3

Disclosure of estimated closing costs is required by

RESPA (Real Estate Settlement and Procedures Act)

4

FHA requires flood insurance for...

100% of LOAN amount

5

Examples of primary mortgage lenders are....

Banks, Credit Unions, Mortgage Lenders

6

Who could be involved in both primary and secondary markets

Insurance company and pension plan

7

Who guarantees Freddie Mack and Fannie Mae

Ginnie Mae (Government National Mortgage Assoc)