This preview shows page 1. Sign up to view the full content.
Unformatted text preview: d have a $23,000 deficiency judgment against the borrower. If it were a purchase money instrument, however, there would be no deficiency judgment. During the redemption period, the borrower may remain in possession of the property but must pay rent. Sometimes a lender may take possession of the collateral under the assignment of rents provision in the loan contract, manage the property during the redemption period and apply the net proceeds to the balance owed. Dynasty School (www.dynastySchool.com) 14-43 REAL ESTATE FINANCE INTERNET WEB LINKS
www.foreclosurefreesearch.com www.insurance.ca.gov Foreclosures, bank and government–owned real estate. ... Regulations for insurance companies, and insurance licensees CHAPTER QUIZ
1. Processing an application for a real estate loan includes verification of A. B. C. D. 2. Employment. Deposits. Debts. All of the above. The last step in originating and processing loans is A. B. C. D. Formal closing. Qualifying the buyer. Completing the application. Qualifying the property. 3. The trend toward on–line loan services is A. B. Making the real estate loan market less competitive. Reducing the choice of financing packages for borrowers.
Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 14-44 14: THE LOAN PROCESSING
C. D. 4. Not subject to government regulations. Expected to increase in the future. Which of the following would be the most important information sought by lenders about a potential borrower? A. B. C. D. Age of the borrower Desire for a loan Credit history of the applicant Overtime income 5. All of the following would generally constitute default on a trust deed with the exception of: A. B. C. D. Delinquent property taxes Failure to make loan payments Allowing insurance policies to lapse Placing a junior lien on the property 6. Under the Equal Credit Opportunity Act, lenders are required to notify applicants what action has been taken within a reasonable time period not exceeding A. B. C. D. two weeks. 30 days. three months. any time mutually agreed to between borrower and lender. 7. The most common...
View Full Document
This note was uploaded on 12/30/2010 for the course SOC 101 taught by Professor Zhung during the Spring '10 term at Punjab Engineering College.
- Spring '10