Finance And Accounting

Question: Why are "Pay Day Loans" considered predatory?
A
They target people with jobs

B
They are offered in stores

C
They charge interest rates lower than credit cards

D
They are short term loans with interest rates far higher than those on any standard loan and are typically aimed at the poor and/or the uneducated people

Note: Answer not sure
1. Report
Question: What does the term "Escrow" mean?
A
A sum a borrower pays to a lender to decrease the interest rate of a mortgage

B
The market value of a home

C
A neutral third party that carries out the instructions of both the buyer and the seller to handle all the paperwork of settlement or closing

D
The amount by which a home is overpriced above the market price

Note: Answer not sure
1. Report
Question: What type of debt do credit cards fall under?
A
Revolving debt

B
Unsecured debt

C
Secured debt

D
All of these

Note: Answer not sure
1. Report
Question: What is meant by the term "Portfolio"?
A
A collection of loans held by a borrower

B
Anything offered or given to fulfill the performance of a contract

C
The interest payment of a loan

D
A combination of assets held for its investment benefits including financial and non-financial returns

Note: Answer not sure
1. Report
Question: What does the term "Covenant" mean?
A
A bond coupon payment

B
The principal portion of a loan

C
The monthly payment on a loan

D
An agreement or promise to do or not to do a particular thing related to a loan

Note: Answer not sure
1. Report
Question: What is the process of evaluating a loan application to determine the advisability of making the loan called?
A
Debt-to-income ratio

B
Underwriting

C
Surveying

D
Assessing

Note: Answer not sure
1. Report
Question: What is meant by Predatory Lending?
A
Lending money to people who are extended beyond their means in an attempt to get them to spend more than they should

B
Lending money to high net worth individuals

C
Lending people money to buy a car

D
Lending money to students to pay for their education

Note: Answer not sure
1. Report
Question: What is meant by the term "Impound"?
A
Customary costs above and beyond the sale price of a property that must be paid to cover the transfer of ownership at closing

B
The portion of a borrower's monthly payments held by the lender or service provider to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due

C
The time frame of a mortgage

D
The implied interest rate

Note: Answer not sure
1. Report
Question: What happens if a lender charges a rate beyond what is legally allowed and the borrower does not pay?
A
The lender can not sue the borrower for any amount

B
The lender can not sue the borrower to repay the amount beyond what is legally allowed

C
The lender can have the borrower imprisoned for fraud

D
The lender goes bankrupt

Note: Answer not sure
1. Report
Question: Who is a mortgagee?
A
The borrower

B
The lending institution

C
The mortgage broker

D
The lender

Note: Answer not sure
1. Report

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Question: Why are "Pay Day Loans" considered predatory?

Question: What does the term "Escrow" mean?

Question: What type of debt do credit cards fall under?

Question: What is meant by the term "Portfolio"?

Question: What does the term "Covenant" mean?

Question: What is the process of evaluating a loan application to determine the advisability of making the loan called?

Question: What is meant by Predatory Lending?

Question: What is meant by the term "Impound"?

Question: What happens if a lender charges a rate beyond what is legally allowed and the borrower does not pay?

Question: Who is a mortgagee?