What is the original LTV of a mortgage loan?
What will be an ideal response?
The original LTV of a mortgage loan is the LTV at the time of origination. The LTV is the ratio of the amount of the loan to the market (or appraised) value of the property. The lower this ratio, the more protection the lender has if the applicant defaults and the property must be repossessed and sold.
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a. true b. false
The seller of a dwelling containing one-to-four units, in complying with the Real Estate Transfer Disclosure Statement requirements, must:
A: Leave the inspection and signing of the form to the real estate agent that represents him/her; B: Designate a professional inspector to examine the property before completing the form; C: Make a reasonable inspection before completing the report; D: Refer to the broker's inspection report when completing the form.