Loan Documentation-Par 2
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5 Terms
What is the draw period for a home equity line of credit?
The period of time (often up to ten years) during which the borrower can draw advances, repay and re-borrow, up to a specified limit.
What factors determine whether a lender will use a mortgage or deed of trust to secure a loan with real property?
The laws of the state in which the property is located.
What protection does a lender’s title insurance policy provide?
To protect the lender from loss due to defects in title to the property.
Which of the following documents is required for a home equity loan but not for a home equity line of credit?
TILA-RESPA Integrated Disclosure (TRID) documents. These are required for closed-end home equity credit.
Which document for a commercial real estate loan binds the lender to honor the credit described and specifies the terms of the loan and any pre-closing conditions.