LendingPracticesKeyTerms.txt

Card Set Information

Author:
EvanWong
ID:
93907
Filename:
LendingPracticesKeyTerms.txt
Updated:
2011-07-13 15:00:51
Tags:
Lending Practices RELC
Folders:

Description:
Lending Practices Key Terms p.115
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user EvanWong on FreezingBlue Flashcards. What would you like to do?


  1. The charge for using another's money is called?
    Interest
  2. When a lender charges a rate of interest above that allowed by law it is called?
    Usury
  3. Fee charged by the lender for making a loan is the?
    Origination Fee
  4. Fee charged by the lender to get a lower interest rate for the borrower is a?
    Discount Point
  5. When a buyer assumes the current loan under the same terms and conditions of the original borrower it is an?
    Assumption
  6. Substituting a new obligation for an old one or for new parties to an existing obligation is?
    Novation
  7. Legal instrument verifying the exact loan amount, the current rate of interest and the date to which interest is paid is an?
    Estoppel Certificate
  8. Ratio of a mortgage principal to the property appraised value or its sales price, whichever is lower is?
    Loan To Value (LTV)
  9. Standardized conventional loan that meets the requirements of Fannie Mae and Freddie Mac is?
    Conforming Loans
  10. Loan that fails to meet the requirements is?
    Non-Conforming Loans
  11. Borrower must be shown appraisal and if not may withdraw from sale penalty free is called?
    FHA Escape Clause

What would you like to do?

Home > Flashcards > Print Preview