All of the following might be reasonably included in a lender's monthly impound requirements for a borrower, except:
A: Prorated annual payments on a Street Improvement Act bond;
B: Property hazard insurance prorations;
C: Mortgage interest prorations;
D: Property tax prorations.
Answer: C: Mortgage interest prorations;
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What is the total return to an investor who buys a bond for $1,155 when the bond has a 11.50% coupon rate and 3 years remaining until maturity, then sells the bond after 1 year for $1,135?
a. 9.05% b. 11.50% c. 8.23% d. 8.32%
A federal RESPA booklet and disclosures must be given a borrower by a real estate licensee when the federally-related loan is a first lien and the money is used to:
A: Purchase 30 or more acres of farmland; B: Build five or more residential units; C: Purchase one-to-four residential units; D: Add a room on to the borrower's residence.