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융자지식 258- FHA PROGRAMS 4.8 FHA PROGRAMS FHA offers a number of programs to meet the needs of eligible borrowers. Several popular programs include: • 203(b) Home Mortgages: FHA’s primary program, 203(b) is a fixed-rate program used to purchase or refinance...

융자지식 257- GOVERNMENT-FHA LOANS 4.4 FHA LOANS Federal Housing Administration (FHA) is a loan insurance program created by the Homeowners Act of 1934 to provide borrowers with an opportunity for affordable financing by allowing them to obtain financing with a minimal...

융자지식 256- GOVERNMENT (FHA, VA, USDA) 4.3 GOVERNMENT (FHA, VA, USDA) There are three types of government-related loans that are integral parts of the mortgage industry: • Federal Housing Administration (FHA) loans • Veterans Affairs (VA) loans • United States...

융자지식 255- CONVENTIONAL/NON-CONFORMING LOANS 4.2 CONVENTIONAL/NON-CONFORMING LOANS Loans that do not meet the conventional conforming loan standards because the loan amount is too large, are referred to as non-conforming loans or jumbo loans. Non-conforming loans are...

융자지식 254- CONVENTIONAL LOANS 4.1 CONVENTIONAL LOANS Most real estate loans are not backed by an agency of the federal government and have a first lien position. Conventional loans are conforming loans that limit loan amounts of single-family residences to the current...

융자지식 253- Closing Disclosure 2.44 Closing Disclosure The Closing Disclosure replaces the HUD Settlement Statement and (if applicable) the final TIL disclosure that was provided to borrowers at closing. The new form is used to help consumers understand the final costs...

융자지식 252- Loan Estimate 2.36 Loan Estimate The new Loan Estimate form replaces the Good Faith Estimate required by RESPA and the initial TIL disclosure form required by TILA. The purpose of the new form is to help applicants obtain an early understanding of various...

융자지식 251-TILA-RESPA Integrated Disclosure Rule (TRID) 2.35 TILA-RESPA Integrated Disclosure Rule (TRID) Prior to October 3, 2015, borrowers received two cost-related disclosure forms at the time of application and potentially two more similar forms at the time of...

융자지식 250-Loan Originator Compensation Rule 2.32 Loan Originator Compensation Rule In the past, loan originators’ compensation was partially based on the type and terms of the chosen loan product. The Loan Originator Compensation Rule: • Prohibits creditors from...

융자지식 249-Section 35 Higher-Priced Mortgage Loans (HPMLs) 2.31 Section 35 Higher-Priced Mortgage Loans (HPMLs) TILA was amended in 2009 to create a new category of loans called “higher-priced mortgage loans,” sometimes known as “HPMLs” or “Section 35 loans.” These...