Credit report : A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.
The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC Discovery : Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
Fair Credit Reporting Act : A federal law, established in and revised in , that gives consumers the right to see their credit records and correct any mistakes. The Fed, as it is commonly called, regulates the U. Fixed Rate : Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate such as the "Prime Rate". In other words, a fixed rate is a rate that is not a variable rate.
A fixed APR can change over time, in several circumstances: You are late making a payment or commit some other default, triggering an increase to a penalty rate The bank changes the terms of your account and you do not reject the change. The rate expires if the rate was fixed for only a certain period of time.
Mortgage loan : A loan made by a lender to a borrower for the financing of real property. Act must maintain that registration as long as they are loan originators. That includes keeping their unique identification number, which remains with them even if they change companies. Agencies must comply with the S. Act and only employ those who are fully registered.
Agencies also need to develop a written policy to ensure their use of the S. To be eligible for registration under the S. Act, the federal government requires loan originators to attend at least 20 hours of classes related to mortgage licensing. In California, originators must take the class at an institution licensed to teach it. Acceptable classes must cover mortgage laws, lending standards and ethics. Coursework must also include at least two hours of instruction regarding California state law.
Originators seeking licensure must also find someone to sponsor them. Once an mortgage originator obtains a license under the S. Act,California requires him to complete eight hours of continuing education per year. Act requires testing once a mortgage originator has completed the education portion of licensure. Mortgage originators must pass both a federal test and a state test. Originators need to pass the federal test only once, but each state has its own testing requirements.
Some allow loan originators who move into their state to submit a passed test from their previous state in lieu of taking a new state test. Another critical component of the S. Act is a credit and criminal background check for all loan originators. Each state must submit fingerprints of all S.
0コメント