Loan Inquiry and Application process requirements

In a loan transaction involving a mortgage broker

The Lender is responsible for ascertaining whether the loan estimate has been provided

URLA

is also known as the APPLICATION

Which of the following is required for ARMs and is intended to provide borrowers with information to prepare them for interest rate changes

initial rate change disclosure

In ———— arrangements, a mortgage broker will originate, process, and close in its own name a loan underwritten and funded by a secondary lender, but will then assign the loan to the funding lender at the closing table.

table funding

revised loan estimate

NO LATER THAN 4 DAYS PRIOR TO CONSUMMATION

A revised loan estimate is required when

a loan applicant locks their interest rate

1003

Uniform Residential Loan Application

FHA

SELLER CAN CONTRIBUTE 6%

tolerance applicable to escrow account

no tolerance requirement

Income derived from a rental property would be entered in which section of the URLA?

Financial Information - Real Estate.

On the Loan Estimate, fees related to third-party service providers chosen from the provider list and not affiliated with the creditor are grouped with the recording fees and subject to a:

10 tolerance

Government monitoring information regarding applicant demographics is found where?

1003

“Your Home Loan Toolkit” be provided?

purchase transaction

Assume a borrower was allowed to shop for title insurance and chose a provider listed on the creditor's preferred provider list. Which of the following best describes the applicable tolerance?

10% tolerance

right of recission notice

does not need to be mailed

f a consumer pays more at consummation than what was disclosed in the Loan Estimate and the amounts exceed the tolerances allowed by law, the creditor must:

refund within 60 calender days