Do I have to complete all exams within a certain period of time to receive the CFA charter?

June 30, 2024 No Comments

A: According to the CFA Institute, a candidate can take as much time as necessary to complete all three levels of the chartered financial analyst (CFA) program. For example, if you passed the June 2017 CFA Level I examination, you could take the CFA Level II examination in

Who regulates mortgage lenders?

June 30, 2024 No Comments

A: The federal government, through various agencies and a host of Congressional acts, regulates mortgage lenders. The Federal Truth in Lending Act, its most well-known part being Regulation Z, and the Real Estate Settlement Procedures Act (RESPA) dictate most of the regulations mortgage lenders must

Why do MBS (mortgage-backed securities) still exist if they created so much trouble in 2008?

June 30, 2024 No Comments

A: Despite their infamous reputation and presumed involvement in the financial crisis of 2007-2008, there are several different arguments in favor of allowing market participants to trade and own mortgage-backed securities (MBS). At its basic level, an MBS is any investment solution that uses commercial

Why do most of my mortgage payments start out as interest?

June 30, 2024 No Comments

A: When you make a mortgage payment, the amount paid is a combination of an interest charge and principal repayment. Over the life of the mortgage, the portions of interest to principal will change. At first, your payment will be primarily interest, with a small

What is the difference between a possessory and a non-possessory lien?

June 30, 2024 No Comments

A: The primary difference between a possessory and a non-possessory lien is based on the entity which retains possession of the underlying collateral securing a loan during the period of repayment. A lien is a legal claim to an underlying asset that has been set

What is the difference between a prepaid credit card and a gift card?

June 30, 2024 No Comments

A: Gift cards are a popular way for a gift giver to ensure the intended receiver gets the desired gift. One no longer has to guess what the gift recipient likes; instead, recipients can purchase what they want using the cash value on the card.

What is the difference between closed-end credit and a line of credit?

June 30, 2024 No Comments

A: Depending on the need, an individual or business may take out a form of credit that is either open- or closed-ended. The difference between these two types of credit is mainly in the terms of the debt and the debt repayment. Closed-End Credit Closed-end

What is the difference between secured and unsecured debts?

June 30, 2024 No Comments

A: Loans and other financing methods available to consumers fall under two main categories: secured and unsecured debt. The difference between two is the presence or absence of collateral – that is, backing for the debt, something to be taken as security against non-repayment. This

What types of liens are seen as good and which are bad for my credit?

June 30, 2024 No Comments

A: Creditors that allow purchases to be made through financing often require property to be pledged against a credit account; this is known as collateral. Through the use of collateral, creditors establish a priority interest in the asset used to back the loan or line

What’s the difference between a consumer disclosure and a credit report?

June 30, 2024 No Comments

A: Consumer disclosures and consumer credit reports are both regulated by the Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions amendments made to the FCRA. Consumer disclosures and credit reports are obtained from credit bureaus, and there is plenty of informational

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