If an
institution possesses the word federal in its name or the
acronym F.S.B. after its name, that institution is regulated by:
The
Pennsylvania Department of Banking
The
Comptroller of the Currency (OCC)
The
Office of Thrift Supervision (OTS)
The
National Credit Union Administration (NCUA)
In
Pennsylvania, any institution that possesses the
word federal in its
name or the acronym F.S.B. after its name is regulated by the Office of
Thrift Supervision (OTS).
If an
institution possesses the word national in its name or the
acronym N.A. after its name, that institution is regulated by:
The
National Credit Union Administration (NCUA)
The
Comptroller of the Currency (OCC)You correctly checked this.
The
Pennsylvania Department of Banking
The
Office of Thrift Supervision (OTS)
In the
state of Pennsylvania, any institution that possesses the word national
in its name or the acronym N.A. after its name is regulated by the
Comptroller of the Currency (OCC).
The PA
Dept of Banking does not have the authority to:
Terminate
any employee of a licensee for violations
committed
Issue
subpoenas
Conduct
administrative hearings
Examine
any document or file of a licensee
Even
though the PA Dept of Banking
does not have the authority to terminate
employees
of a licensee who has committed violations,
they do have the
authority to prohibit
or permanently remove a person or
licensee responsible
for a violation from
working in the present capacity or in
any capacity of the
person or licensee
related to activities regulated by the Department
Mortgage
Licensees are regulated by which office?
National
Credit Union Administration
Office
of Thrift Supervision
PA
Department of Banking
Comptroller
of the Currency
Mortgage
Licensees in the State of Pennsylvania
are regulated by the PA Department of
Banking.
The PA Department of Banking regulates
and oversees a wide variety of
financial institutions but they do not regulate all financial institutions
doing business in Pennsylvania.
If the institution has national or N.A.
in its
name it is regulated by
the Comptroller of the Currency (OCC).
If the
institution has federal or F.S.B. in its name,
it is regulated by the Office of
Thrift Supervision (OTS).
If the institution is a credit union with the
word
federal in its name, it is regulated by
the National Credit Union
Administration (NCUA).
The
Pennsylvania Department of Banking may do any of the following except for:
Order
a person or licensee to make restitution for actual damages to consumers
Request
and receive records of any kind
Regulate
an institution which possesses the
word national in its name or the acronym
N.A. after its name
Prohibit
or permanently remove a person or licensee responsible for violations of the
law
The Pennsylvania
Department of Banking does not regulate institutions that possess the word
national
in their name or the acronym
N.A. after their name.
Such institutions
are regulated by
the Comptroller of the Currency (OCC).
If a
lender purposefully engages in a pattern or practice of material violation of
Consumer Equity Protection, an obligor:
Put
a statement in their credit report
May
initiate a criminal action
May
file a complaint with the Secretary of the Department of Banking
May
initiate a civil action to recover damages
Violations
to Mortgage Loan Lender by licensee or
employees of licensee may result in fines up to:
$500
per offense
$1,500
per offense
$5,000
per offense
$10,000
per offense
A person licensed, or
director, officer, owner,
partner, employee, or agent of a licensee
who
violates PA mortgage law or
commits any action that subjects the licensee
to suspension, revocation, or nonrenewal may be fined by
the Department of
Banking
up to $10,000 for each offense.
Conduct
or practices that the DOB
believes to be dishonest, fraudulent,
illegal, unfair,
unethical, negligent,
or incompetent may result in:
Criminal
action in the judicial network
An
onsite examination with expenses billed to the licensee
An
administrative action against the licensee by the DOB
Civil
action in the judicial network
A
decision of the Secretary of Banking is a final order of the department and is
enforceable:
In
a court of competent jurisdiction
By
reporting order to Nationwide Mortgage Licensing System Registry
By
state and county governments
In
the state where it was issued
A decision of the
Secretary of Banking
shall be a final order of the Department
and shall be
enforceable in a court of competent jurisdiction.
Licensees
may have their licenses revoked or suspended for:
Conducting
mortgage originations through
an unlicensed mortgage originator
Maintaining
books and records at licensed branch locations where loans were originated
Paying
the annual renewal fee on time
Conducting mortgage originations through licensed affiliates
or subsidiaries
Housing discrimination exists today. It slides
under the radar in high cost, market scarcity, natural disaster, and racial
disparity. Housing is the American Dream.
The
disparate-impact standard endorsed by “Inclusive Communities” case applies to the
Fair Housing Act. Inclusive Communities held that claims based on third-party
policies limiting a defendant’s discretion and should be dismissed. HUD’s
disparate-impact regulation should parallel The Supreme Court precedent recodifying
the 2013 Rule is inconsistent with Inclusive Communities ruling. Granting funds
to developers to build low-income housing resulted in increasing “ghettos.”
Residential segregation and a racially
segmented housing markets hold back African Americans’ economic mobility. Housing
provides a method to pull out of poverty.
Segregation, disparate access to credit and
homeownership, and the consistent devaluation of homes in black neighborhoods6 combine to constrict the ability of African
Americans to build equity and accumulate wealth through homeownership.
Allow me to suggest the following:
1.Local jurisdictions are responsible for
planning to achieve fair housing.
Furthering Fair Housing (AFFH) rule should be fully reinstated. Cities and
counties are directly on the line with needs and services of their communities.
2.Empower
federal, state, and local governments and nonprofits to enforce the Fair
Housing Act. Marcia Fudge I ask you to
boost the U.S. Department of Housing and Urban Development’s (HUD) Office of
Fair Housing and Equal Opportunity (FHEO).
3.HUD goal to the end racial steering by Real Estate agents,
Property Management companies, and rental agencies. Some Real Estate agents still
steer African Americans. Real estate agents are loosely organized by the
National Association of Realtors. NAR to maintain a public website registry of clients
by race, sex, national origin, age… to track discrimination. Revealing trends discourages
behaviors. Rental property agencies, websites, and aggregators to pay into a pool
of resources for this tracking.
4.According to the Urban Institute’s 2012 audit study Housing
providers often do not advertise available units. There are no for rent signs
or online listings of many homes for rent or for sale. Social media and online
housing aggregators such as Zillow allow discriminatory digital marketing.50 A 2016 ProPublica investigation51 reveals Facebook’s practice of allowing its
advertisers to exclude Facebook users from seeing housing ads based on their
race and ethnicity. Those companies who profit from advertising real estate
should provide a portion low-income housing, i.e.: taxation.
5.HUD to provide structures to build low-cost housing. After
the Covid pandemic Americans may not return to city or suburban homes and require
access to internet to work remote. USDA to offer a loan program that includes
$30000 towards the addition of: internet towers, roofing, or solar systems at
zero interest rate.
6.Natural disasters: flood, tornado, hurricane, fire,
earthquakes… offer opportunities to rebuild safer, stronger, lower cost housing
alternatives. HUD in coordination with FEMA to reinvent methods for funds to
fairly disperse to people. Road Home Project’s disparate
distribution of grants ultimately failed Black Americans. How many
thousand Black Americans left New Orleans after Katrina for rural Mississippi,
Texas, other places ~ never to return to New Orleans? Now years later, be
great. Offer zero
interest loans to low-income families who were displaced by Hurricane Katrina
in the Lower Ninth Ward. Fast track permits for foundations which are eight
feet above ground level and allow for two- and three-story housing structures. Covid pandemic adds
to the list of dead malls. HUD and our
Federal Government can lead guidance as to the reuse of this land. Rehabilitate
dying retail malls into condominiums and low-cost housing in: Syracuse NY, Rochester
NY, Rockford IL, Peoria IL, Philadelphia PA, Erie PA, Los Angeles CA, San
Francisco CA, Portland OR, New Orleans LA, Detroit Areas IL, Chicago IL, Houston
TX…Review recent rehab mall projects: Medley/Irondequoit/Skyview
Mall Rochester NY was changed to community center. Is it being used? Should the city have knocked
down a couple of the larger retail structures and created five story senior low-income
condos, or built on the parking lot?
7.Provide available safe units for families who are homeless,
Veterans
struggling on the streets, and the most vulnerable.
Divide housing programs
into units for: a) elderly, b) homeless with mental disability, c) those who
require drug rehabilitation, d) and low-income individuals who recently became
homeless.
Housing should be dispersed into all neighborhoods and not restricted
to traditional badlands thus becoming ghetto areas.
Density to be not concentrated in one block.
Repurpose vacant housing.
The cost to retrofit plumbing for condo/housing from
retail is largest cost is plumbing. New plumbing retrofit to residential is about
$23000 for a two-bedroom one bath unit. With $190000 I can build a single-family
house of 1200 square feet not including lot or utility tie ins.
8.Come up with plans to encourage the dot.com companies who gentrified
neighborhoods which displaced long term residents to build affordable housing
in those same backyards.
Housing product is needed. Be bold. Think
diverse. Ask for our help.
Which
division is responsible for the supervision and examinations of
all mortgage
lending activities and licensees or registrants?
Custodian
of Records
Consumer
Affairs
Administration
Financial
Institutions
The
Arizona Department of Financial Institutions regulates state banking and real
estate industries; it educates consumers while promoting growth, financial
stability and efficiency of those industries. The Arizona DFI supervises state
chartered banks and credit unions; manages the licensing requirements of
Arizona's mortgage lending and licensing laws; conducts on-site examinations;
monitors net worth and Surety Bond requirements and issues enforcement actions
as needed for violations or failure to comply with applicable state and federal
laws.
How
many divisions make up the Arizona DFI?
9
7
6
8
The
Department structure includes six divisions: Consumer Affairs; Financial
Enterprises; Financial Institutions; Administration; Licensing; and Rules with
the Custodian of Records.
How is
the chief officer of the DFI selected?
appointed
by the Governor of Arizona
elected
by the people of Arizona
promoted
from within the Department
selected
by the President of the United States
According
to the Arizona Revised Statutes (A.R.S.) ¤ 6-111, the chief officer of the
Department is a superintendent appointed by the Arizona Governor subject to
senate confirmation.
If the
applicant for license renewal is a resident of Arizona, he/she must complete 8
hours of NMLS approved continuing education including 3 hours of:
Lending
standards for the nontraditional mortgage product market
Federal
law and regulations.
Undefined
instruction on mortgage origination
Ethics
including instruction on fraud, consumer protection, and fair lending issues
The 8
hours of NMLS approved continuing education includes 3 hours of federal law and
regulations; 2 hours of ethics including instruction on fraud, consumer
protection, and fair lending issues; 2 hours of training related to
nontraditional mortgage standards and 1-hour of undefined instruction on
mortgage origination.
If a
financial service company is failing and threatens to damage consumers in some
way, the Department is ordered by an appropriate court of jurisdiction to place
the business into receivership with the assets to be distributed to:
Elected
by the people of Arizona
the
Department of Financial Institutions
the
company's owners
the
company's shareholders
If a
financial service company threatens to damage consumers in some way, the DFI is
ordered by an appropriate court of jurisdiction to place the business into
receivership with the assets to be distributed to creditors and to customers.
Who can
not file an action against the surety bond?
An
employee of the licensee that has been
terminated due to misrepresentation.
Lenders
that have suffered damages as a result of the licensee's actions.
Borrowers
that suffered damages as a result of the licensee's non-compliance to state and
federal rules.
Appraisers
that have been negatively affected by the actions of the licensee.
A bond
is payable to a person who may be injured by a wrongful act, default, fraud or
misrepresentation of the licensee or the licensee's employees and to Arizona
for the benefit of the person injured. A terminated employee cannot file suit
against the licensee's surety bond.
Mortgage
Loan Originators are exempt from licensing when:
They
are registered and maintain a unique identifier through NMLS.
They
are employed by an exempt organization.
Not
exempt from licensing under any circumstance
They
are employed by mortgage brokers.
Mortgage
loan originators that are employed by a person who does business under another
law of Arizona, the law of another states regulated by an agency or that state
or of the United States. This business has to be in relation to banks, savings
banks, trust companies, savings and loan associations, profit sharing and
pension trusts, credit unions, insurance companies or consumer lenders or
receiverships as well as making, negotiating or offering to make or negotiate a
mortgage loan as long as the mortgage transactions are regulated by the other
law or are under the jurisdiction of a court are exempt from state licensure
requirements because they will be registered with the NMLS under federal law.
How
long does an injured party have to file a suit against a licensee's surety
bond?
6
months following the wrongful act
18
months following the wrongful act
12
months following the wrongful act
9
months following the wrongful act
Suits
can be filed for one year following the wrongful act, etc., except for claims
for fraud or mistakes limited to the limitation period.
Which
of the following does not qualify as an exemption from the Mortgage Broker
licensing requirement?
The
individual who is licensed to practice law in Arizona but not in negotiating
mortgage loan terms
The
individual making a mortgage loan with personal monies, personal investment,
without the intent to resell
The
individual soliciting borrowers to make mortgage loans and who negotiates the
mortgage loan terms for a privately owned company
A
seller of real property receiving one or more mortgages or deeds of trust as
security for a purchase money obligation
The
individual soliciting borrowers to make mortgage loans and who negotiates the
mortgage loan terms for a privately owned company is not exempt from the mortgage
broker licensing requirement. According to ARS ¤ 6-902 Exemptions: those exempt
from mortgage broker licensing are the following: A person who does business
under any other law of this states, or law of any other state while regulated
by a state agency of such other state or the United States, relating to banks,
savings banks, trust companies, savings and loan associations, profit sharing
and pension trusts, credit unions, insurance companies or consumer lenders, or
receivership, including directly and indirectly making, negotiating or offering
to make or negotiate a mortgage loan if the mortgage transactions are regulated
by the other law or are under the jurisdiction of a court. Subsidiaries and
service corporations of these institutions shall not be exempt and shall be
subject to the provisions of this article unless.
In
order to qualify for a commercial mortgage banker's license or a renewal of
such license one requirement is that the applicant must provide a current
financial statement prepared by an independent CPA. What is the time
requirement on this?
immediately
preceding 6 months of application
immediately
preceding 2 months of application
immediately
preceding 8 months of application
immediately
preceding 12 months of application
One of
the requirements for a commercial mortgage broker's license is that the
applicant must provide a balance sheet that is prepared within the immediately preceding
6 months and certified by the licensee. The superintendent may require a more
recent balance sheet.
The
minimum loan amount that a mortgage banker can make a loan for is:
$5,001
$10,000
$10,001
$5,000
A
mortgage banker shall not, for compensation, either directly or indirectly make
or negotiate or offer to make or negotiate a loan of money in an amount of ten
thousand dollars or less that is not secured by a mortgage deed of trust or
other lien interest in real property.
Which
of the following statements is not true? Pursuant to A.R.S. ¤ 6-946, if
periodic payments are to be collected for payments by the mortgagee of taxes,
assessments, insurance premiums, ground rents or other current charges against
the real estate security, licensees must:
Make
all payments promptly from the impound account so the borrower does not accrue
any late fees or penalties
Receive
written approval from the borrower before paying any monies from the impound
account.
Provide
the borrower with an annual statement that accounts for all monies paid into
the impound account by the borrower and all the payments made out of the
impound account during the year on behalf of the borrower
Provide
an estimated payment amount equaling the total of the payments collected for
each category during the billing period of when payment is due.
If
periodic payments are to be collected from the mortgagor to provide for
payments by the mortgagee of taxes, assessments, insurance premiums, ground
rents or other current charges against the real estate security, the estimated
payment amount stated to the mortgagor by the mortgage banker shall be such
that the total of these payments collected for each category during the tax or
other period will approximate the actual tax or other payment when due. All
such periodic payments of taxes, assessments, insurance premiums, ground rents
and other current charges shall be accounted for annually to the borrower and,
to the extent monies have been collected for payment, shall be paid promptly by
the mortgage banker.
If a
mortgage banker requires an advance or fee to be paid in connection with an
application for a mortgage banking loan or mortgage loan, there shall be a
written agreement that must include:
The
terms and conditions of the mortgage loan being sought by the borrower
A
list of all of the fees that the borrower is expected to pay at closing.
Terms
pertaining to the payment of fee or disposition of fee when loan is closed or
not; and the term the agreement remains in force before return of fee for
nonperformance can be required.
No
written agreement is needed. The mortgage broker can verbally inform the
borrower what the fees are for.
The
parties shall sign the written agreement, and the agreement shall contain terms
pertaining to the payment of the fee or disposition of the advance or fee,
whether the loan is finally consummated or not, and the term for which the
agreement is to remain in force before return of the advance or fee for
nonperformance can be required.
If loan
is declined, what happens to the documentation provided by or at the expense of
the applicant?
Documentation
will only be returned to the applicant if the lender declines the loan
Whether
a loan is declined by or on behalf of a lender or cancelled by the applicant,
all documents (including appraisal) may be returned to applicant or transferred
to any financial institution provided that federal law does not prohibit the
document
All
documents except the appraisal will be returned to the applicant.
If
a loan is cancelled by the applicant all documentation is to remain with the
lender.
If loan
is declined all documents provided by or at expense of applicant (including
appraisal) are property of applicant and may be returned to applicant or
transferred to any financial institution provided that federal law does not
prohibit the document from being transferred or returned. (A.R.S. ¤ 6-946).
A
mortgage banker must conduct a reasonable investigation of the background,
honesty, truthfulness, integrity and competency of a prospective employee
before hiring. How long does the mortgage banker have to keep record of such
investigation once the employee's employment is terminated?
18
months
2
years
6
months
1
year
A
licensee shall not employ any person unless the licensee: conducts a reasonable
investigation of the background, honesty, truthfulness, integrity and
competency of the employee before hiring; and keeps a record of the
investigation for not less than two years after termination.
If it
appears to the commissioner that a person has engaged or is engaging in a
violation of law, the commissioner may not:
order
the person to correct the conditions resulting from the act
issue
a cease and desist order
order
the person to make restitution
allow
the person to continue business using the same procedures as the alleged act
If it
appears to the commissioner that any person has engaged, is engaging or is
preparing to engage in any act, practice or transaction that constitutes a
violation of law, the commissioner may issue an order directing the person to
cease and desist from engaging in the act, practice or transaction, to make
restitution or to take appropriate affirmative action within a reasonable
period of time as prescribed by the commissioner, or to correct the conditions
resulting from the act, practice or transaction. The commissioner cannot just
"turn the other cheek" and allow the person to continue violating the
law.
If a
removal order has become final, when can the individual seek employment in a
financial institution or enterprise?
The
person can seek employment with a financial institution or enterprise no
earlier than 1 year after the order.
The
person can be employed by a financial institution or enterprise only after the
financial institution or enterprise receives prior written approval from the
superintendent.
The
person can never be employed again in a financial institution or enterprise.
The
person can be employed again in a financial institution or enterprise after 6
months.
If a
removal order has become final, a financial institution or enterprise may not
employ the person without the prior written approval of the superintendent.
Upon
discovery of violation, the AZDFI will notify the violator of the allegations
via:
a
face to face interview
a
copy of their license with "revoked" stamped on it
a
written notice that explains the alleged acts and contains a time and place for
a hearing
a
telephone call
When it
has been discovered that a person participating in the conduct of the financial
institution or enterprise has been in engaged in any questionable acts, the
violator and the financial institution where they are employed will receive a
written notice from the Superintendent that contains a statement of the alleged
facts and a time and place at which a hearing shall be held.
A
Broker/Banker risks having the superintendent deny the renewal of their license
or having their license suspended or revoked if they fail to operate the
business of making consumer lender loans for:
9
months
12
months or more
3
months
6
months
The
superintendent may deny renewal of a license or suspend or revoke a license if
the superintendent finds that a licensee has failed to operate the business of
making consumer lender loans for twelve months of more, except that the
superintendent , on good cause shown, may extend the time for operating that
business for a single fixed period of no more than twelve months.
What is
the amount of the surety bond that a licensee must get in order for an appeal
to be effectual?
$10,000
$25,000
$500
no
less than one percent of the total liabilities of the association
An
appeal from an order of the superior court approving a plan shall not be
effectual for any purpose unless within thirty days after the entry of the
order the appellant files with the clerk of the court a bond with a surety
company authorized by law to transact business in Arizona. The form and amount
of the bond are approved by the superior court, but the bond can not be for an
amount less than one percent of the total liabilities of the Association.
Arizona
An
individual who is both (1) a loan originator who is registered with and
maintains a unique identifier through the NMLSR and (2) is an employee of a
depository institution; or a subsidiary that is owned and controlled by a
depository institution and regulated by a federal banking agency; or an
institution regulated by the Farm Credit Administration is known as:
A
loan processor
A
residential mortgage loan servicer
A
registered loan originator
An
affiliate
In
order to be classified as a registered loan originator one must be both of the
following: (1) a loan originator who is registered with and maintains a unique
identifier through the Nationwide Mortgage Licensing System and Registry and;
(2) be an employee of one of the following: (a) a depository institution; (b) a
subsidiary that is owned and controlled by a depository institution and
regulated by a federal banking agency; or (c) an institution regulated by the
Farm Credit Administration. An affiliate is an entity that directly or
indirectly, through intermediaries, controls, is controlled by or is under the
common control with the entity specified. A loan processor (or underwriter) is
an individual who performs clerical or support duties as an employee at the
direction of and subject to the supervision and instruction of a person who is
licensed or who is exempt from licensure.
One
would take out a commercial mortgage loan on which of the following properties?
a
duplex
vacation
home
apartment
complex
investment
home
A
commercial mortgage loan would be needed for the financing of the apartment
complex since it is a residential dwelling of more than one to four units. The
duplex, vacation home and investment home are examples of properties that would
use residential mortgage loans.
A form
of security interest that is granted over an item of property to secure the
payment of a debt or performance of some other obligation is:
a
lien
a
loan
a
cushion
an
encumbrance
A
'lien' is a form of security interest granted over an item of property to
secure the payment of a debt or performance of some other obligation. An
encumbrance is a liability on real property. A 'loan', as used in A.R.S. ¤¤
6-126(C )(6) and 6-126(C )(8), refers to all loans negotiated or closed without
regard to the location of the real property. A 'cushion' means funds that a
servicer or lender may require a borrower to pay into an escrow or impound
account before the borrower's periodic payments are available in the account to
cover unanticipated disbursements.
The
term "loan originator" includes which of the following?
A
person solely involved in extensions of credit relating to a timeshare plan as
defined in 11 United States Code section 101(53D)
An
employer making a mortgage loan to an employee
A
person who makes five or fewer mortgage loans per calendar year.
A
person who holds himself out to the public as able to take a residential
mortgage loan application or offers or negotiates terms of a residential
mortgage loan for direct or indirect compensation or gain or in the expectation
of direct or indirect compe
A loan
originator means a natural person, employed by a mortgage broker, a mortgage
banker, or a consumer lender who either (1) takes a residential mortgage loan
application for a mortgage broker, or a mortgage banker to obtain a third party
lender, or a consumer lender or (2) offers or negotiates terms of a residential
mortgage loan for direct or indirect compensation or gain or in the expectation
of compensation or gain. Per A.R.S. ¤ 6-991.12(b), the definition of Mortgage
Loan Originator does not include (1) a person who makes five or fewer mortgage
loans per calendar year; (2) an employer making a mortgage loan to an employee;
(3) a person solely involved in extensions of credit relating to a timeshare
plan as defined in 11 United States Code section 101(53D); (4) an individual
engaged solely as a loan processor or underwriter except as provided in section
6-991.02; (5) a person who takes back a purchase money mortgage in connection
with the sale of residential real estate;
A
natural person, employed by a mortgage broker, a mortgage banker, or a consumer
lender who either (1) takes a residential mortgage loan application for a
mortgage broker, or a mortgage banker to obtain a third party lender, or a
consumer lender or (2) offers or negotiates terms of a residential mortgage
loan for direct or indirect compensation or gain or in the expectation of
compensation or gain is known as:
A
loan originator.
A
loan processor
An
underwriter
A
mortgage lender.
A loan originator means a
natural person, employed by a mortgage broker, a mortgage banker, or a consumer
lender who either (1) takes a residential mortgage loan application for a
mortgage broker, or a mortgage banker to obtain a third party lender, or a
consumer lender or (2) offers or negotiates terms of a residential mortgage
loan for direct or indirect compensation or gain or in the expectation of
compensation or gain. A mortgage lender means any person who directly or
indirectly makes, originates, underwrites, or purchases mortgage loans or who
services mortgage loans. Loan processor or underwriter means an individual who
performs clerical or support duties as an employee at the direction of and
subject to the supervision and instruction of a person licensed or exempt from
licensing
The
total of all funds retained by a mortgage banker from all periodic payments
made by a borrower to maintain a cushion can not exceed:
1/5
of the estimated total annual payments from the impound account
1/
4 of the estimated total annual payments from the impound account
1/6
of the estimated total annual payments from the impound account
1/8
of the estimated total annual payments from the impound account
The
total of all funds retained by a mortgage banker from all periodic payments
made by a borrower to maintain a cushion shall not exceed 1/6 of the estimated
total annual payments from the impound account as per R20-4-102.
The
foreclosure process in Arizona starts with a written notice of the time and
place of sale legally describing the trust property to be sold. This written
notice is known as:
a
Mortgage
a
Special Warranty Deed
a
Deed-in-Lieu
a
Notice of Trustee's Sale
The
foreclosure process in Arizona starts with the Notice of Trustee's Sale (NTS).
The Trustee shall give a written notice of the time and place of sale legally
describing the trust property to be sold by each of the following methods:
Publications; Posting; Recording; Time and Place.
Arizona
State Law, Chapter 33-801 defines "trust property" as:
Property
in which the lien holder is entitled to an assignment of all the interest of
the holder of the mortgage or deed of trust by paying him/her the amount
secured, with interest and costs, together with the amount of any other
superior liens of the sa
As
property deeded in conformity with chapter 33-803 to secure the performance of
a contract or contracts, other than a trust deed which encumbers in whole or in
part trust property located in Arizona and in one or more other states.
Property
in a deed of trust or mortgage, in which the borrower pre-authorizes the sale
of property to pay off the balance on a loan in the event of default.
Any
legal, equitable, leasehold, or other interest in real property which is
capable of being transferred, whether or not it is subject to any prior
mortgages, trust deeds, contracts for conveyance of real property or other
liens or encumbrances.
Any
legal, equitable, leasehold, or other interest in real property which is
capable of being transferred, whether or not it is subject to any prior
mortgages, trust deeds, contracts for conveyance of real property or other
liens or encumbrances.
The
term used to describe a market where all the mortgage loans are originated
initially is:
A
niche market.
A
mortgage market.
A
stock market.
A
secondary market.
The
Mortgage Market is the term used to describe a market where all mortgage loans
are originated initially. The Primary Market consists of loan originations by
credit unions, mortgage brokers, banks, etc. In the Secondary Market, loans and
servicing rights are traded and/or sold between mortgage originators and
investors. All the new mortgages are created in the primary market first, then
sold in the secondary market.
The
total dollar amount of loans and/or participating interest of loans sold in any
calendar year shall not, without prior written approval of the Superintendent
of Banks, exceed:
25%
of the total amount of all loans held by the association at the beginning of
such calendar year
20%
of the total amount of all loans held by the association at the beginning of
such calendar year
10%
of the total amount of all loans held by the association at the beginning of
such calendar year
15%
of the total amount of all loans held by the association at the beginning of
such calendar year
The total dollar amount
of loans and/or participating interest of loans sold in any calendar year shall
not, without prior written approval of the Superintendent of Banks, exceed 20%
of the total amount of all loans held by the association at the beginning of
such calendar year as per R20-4-309.
