Property Ownership
Indiana's Residential Mortgage Practices Act regulates:
AAll Indiana real estate transactions
BMortgage originators, servicers, and lenders to prevent abusive practices in residential mortgage lending✓ Correct
COnly commercial mortgage activities
DOnly federally chartered banks
Explanation
Indiana's Residential Mortgage Practices Act (IC 24-9) provides consumer protections in residential mortgage lending, regulating origination practices and prohibiting predatory lending tactics in high-cost home loans.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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