Finance
In Missouri, the MERS (Mortgage Electronic Registration System) is used to:
ARegister real estate agents
BTrack mortgage loan ownership and servicing rights electronically without recording assignments in county offices✓ Correct
CSet interest rates
DAppraise properties
Explanation
MERS is a private electronic system that tracks changes in mortgage ownership and servicing in the secondary market, reducing the need to record individual mortgage assignments at the county level.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
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