Chapter 14 – Mortgage Basics

• Types of mortgages and their particular uses.

• Typical legal clauses found in mortgages.

• The process of judicial foreclosure and the equitableright of redemption.

• Lending regulations designed to protect borrowers.

• What information is required on a loan application.

• Qualifying standards for conventional, FHA-insured, andVA-guaranteed loans.

• The difference between a mortgage banker and a mortgagebroker.

• What the responsibilities of a mortgage broker are.

• The state registration requirements for mortgagebrokers.

• New York requirements for dual agency disclosure.