1.
is an agreement by which a loan is granted for the purchase and the property itself is pledged as security.
2.
These are the consumers looking to finance residences.
3.
the company to whom borrowers pay their mortgage loan payments.
4.
This is an example of a lender.
5.
and consultation with the mortgage division The first step a borrower must take to purchase a home
7.
Financial Protection Bureau CFPB stands for _______.,
8.
A mortgage payment commonly consists of the following three components.
9.
Payments on this reduce the original loan balance and increases equity in the property
10.
Funds in this account are used to pay the property taxes, hazard insurance, private mortgage insurance (PMI) and any special assessments
11.
If a loan is ________, it becomes the responsibility of the lender to monitor the due dates of these items and to disburse the funds in a timely manner.
12.
Escrow analysis are done on a ________ _______.
13.
is an additional amount of funds held in your escrow in order to prevent the balance from becoming overdrawn when an increase in the disbursement amount occurs.
14.
Typically the cushion will be _____ ______ of escrow payments
15.
If any escrowed item has increased from one year to the next, the account could develop a ________.
16.
If any escrowed item has decreased from one year to the next, the account could develop an _______.
17.
A _____________ would be issued to the homeowner for the surplus in the escrow and a decrease in the monthly mortgage payment would result.
