Points Paid by the Owner of a Personal Residence to Refinance

question 60

True/False

Points paid by the owner of a personal residence to refinance an existing mortgage must be capitalized and amortized over the life of the new mortgage.

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Definitions:

Complaint

A formal legal document that initiates a lawsuit by setting forth the facts and legal reasons that the filing party believes are sufficient to support a claim against the defendant.

Class Action Lawsuit

A legal proceeding where one or several individuals file a lawsuit on behalf of a larger group of people who are similarly affected.

Certifies

Issues a declaration or provides assurance that something is true or meets specific standards.

Criteria

Standards or principles by which something is judged or decided, used to evaluate or make decisions.