Fraud for money Laundering ✔✔-Criminal uses scheme known as value tampering
-Criminal offers to buy house at reduced rate
-Seller must sell at appraised value on paper, but after closing, seller give the criminal the
...
Fraud for money Laundering ✔✔-Criminal uses scheme known as value tampering
-Criminal offers to buy house at reduced rate
-Seller must sell at appraised value on paper, but after closing, seller give the criminal the
difference in cash.
Adverse Action ✔✔An unfavorable credit decision rendered against a consumer made on
the basis of information contained on the credit application. If a lender takes adverse
action against an applicant, the lender must notify the applicant in writing. If the adverse
action is taken as a result of information contained on the credit report, the notice must
also provide the name, address and toll-free phone number of the credit bureau that
supplied the information.
American Association of Residential Mortgage Regulators (AARMR): ✔✔A national association
of individuals who are charged with administering and regulating various aspects of residential
mortgage lending. It played a major role in the formation of the NMLS-R and in the drafting of
the model licensing law.
Annual percentage rate (APR): ✔✔Does NOT include...TEN ACT-
(Title,Escrow,Notary,Appraisal,Credit Report,Termite)A measurement of the total cost of the
credit, expressed as an annual rate. The APR includes those paid at the time of closing and those
paid over the term of the loan. It includes all items that are part of the finance charge, such as
interest, discount points, mortgage insurance premiums and administrative fees.
Application ✔✔A request for a residential mortgage loan and includes the borrower-related
information that l
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