Although a broker does not participate in the settlement process, they still need to remain in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Although a broker does not participate in the settlement process, they still need to remain in touch with all the stakeholders until the loan settles. Before the loan can settle the borrower needs to adhere to pre-settlement conditions. In the pre-settlement phase, there are items that need to be checked and satisfied. (a) Building insurance (b) Independent legal advice. Why are these two pre-settlement conditions required? Explain the importance of each of item. Although a broker does not participate in the settlement process, they still need to remain in touch with all the stakeholders until the loan settles. Before the loan can settle the borrower needs to adhere to pre-settlement conditions. In the pre-settlement phase, there are items that need to be checked and satisfied. (a) Building insurance (b) Independent legal advice. Why are these two pre-settlement conditions required? Explain the importance of each of item.
Expert Answer:
Answer rating: 100% (QA)
a Building Insurance Importance Protection of Asset Building insurance is crucial to protect the lenders and borrowers interests in the property It en... View the full answer
Related Book For
Business Ethics A Stakeholder And Issues Management Approach
ISBN: 9781523091546
7th Edition
Authors: Joseph W. Weiss
Posted Date:
Students also viewed these finance questions
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Explain the advantages of using JDBC metadata for Java database applications.
-
Presented below are selected transactions on the books of Simonson Foundry. July 1, 2019 Bonds payable with a par value of 900,000, which are dated January 1, 2019, are sold at 112.290 plus accrued...
-
On January 1, 2014, Bretz, Inc., acquired 60 percent of the outstanding shares of Keane Company for $573,000 in cash. The price paid was proportionate to Keanes total fair value although at the date...
-
A car rental agency has 19 compact cars and 12 intermediate-size cars. If four of the cars are randomly selected for a safety check, what is the probability of getting two of each kind?
-
The federal governments consolidated nancial statements contained the following excerpt from a note entitled Veterans Compensation and Pension: The Department of Veterans Affairs (VA) has a liability...
-
The Capital Asset Pricing Model (CAPM) implies that investors require a higher return to hold highly volatile securities. Is the statement true or false? Explain using the relevant formula. b) Here...
-
A certain orthodontist uses a wire brace to align a patients crooked tooth as in figure below. The tension in the wire is adjusted to have a magnitude of 18 N. Find the magnitude of the net force...
-
Break into two or three groups to research the use of affinity cards. First, develop a list of affinity cards and their sponsors. Does your university sponsor a card? Next, each group should choose a...
-
Review the factors, and their weightings, used by Fair Isaac to calculate a credit score. Ask 10 to 20 people what factors they think should be considered in the score calculation. Be prepared to...
-
Read your parents' life insurance policy, or that of a friend or relative, cover to cover. Prepare a one-page report of key policy features including beneficiary designation, policy clauses,...
-
Interview a friend employed in your career field or interview a benefits representative from a company agency in your career field. Discuss the benefits that you might expect to receive as an...
-
The draft accounts for the year ended 30 June 2019 and a balance sheet as at that date for S. Steiner are submitted to you. Towards the end of the financial year her accountant resigned and she...
-
Five years ago, Ella's issued 10-year $1,000,000 bonds. At issuance, the bonds had a discount of $80,000. Ella's uses the straight-line method of amortization. What is the carrying amount of the...
-
Two mutually exclusive investment alternatives are being considered. Alternative A requires an initial investment of $20,000 in a machine. Annual operating and maintenance costs are anticipated to be...
-
Find a recent article discussing an innovative way in which a corporation is helping the environment. Explain why the method is innovative and whether you believe the method will really help the...
-
Find a recent article from a computing magazine or academic journal on the topic of Operating Systems. It should be more of a "current events" type article...look for articles on some recent...
-
I worked as a marketing manager in Belgium for a midsize engineering company. Total revenues for the company were $120 million. The company had recently gone public and, in two public offerings, had...
-
Quick Copies recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error? a. Cash is overstated. b. Liabilities are...
-
Daniel Bronstein practices medicine under the business title Daniel Bronstein, M.D. During July, the medical practice completed the following transactions: The business uses the following accounts:...
-
In December, the first five transactions of Gillespie Consulting have been posted to the T-accounts. Prepare the journal entries that served as the sources for the five transactions. Include an...
Study smarter with the SolutionInn App