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Mortgage Modifications: Priority and Premium Quiz-Ch3
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Mortgage Modifications: Priority and Premium Quiz-Ch3

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@TitleDude

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Questions and Answers

What can potentially cause a loss of priority of the mortgage according to the text?

  • Increasing the amount of the loan
  • Releasing a parcel
  • Correcting a policy
  • Adding a requirement for the borrower to create a reserve account (correct)

    • Under what circumstances do substitutional loan rates get triggered?

  • Consolidating the mortgage
  • Extending the maturity date (correct)
  • Lowering the interest rate
  • Correcting a policy

    • When calculating premiums, what is the significance of sub-loan rates in mortgage modifications?

  • They reduce the burden on the borrower
  • They change the interest rate index
  • They increase the likelihood of default
  • They are discounts on the premium being paid (correct)

    • How many safe harbors are there to avoid triggering substitution loan rates?

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