Please respond. to. Samantha. with. 150. words Discussion 3 Chapters 5 & 6 Refl

Please respond. to. Samantha. with. 150. words Discussion 3 Chapters 5 & 6 Reflection Summary
NewActions
Bre 126 – Real Estate Finance
Samantha Thompson
2-23-2024
Huber, W.
Chapters # 5 & 6
Overview
Chapter 5 covers 4 concepts and the first one is Ethics which simply means to do the right thing, the second one covers Fraud, which deals with mortgage fraud or fraud of property and consumer protection. The third covers Fair Lending is equal lending with no discriminations and the fourth is The Real Estate Industry and Fair Lending which deals with federal fair housing laws and Civil rights Act.
Key Concept from Chapter 5
In this chapter I learned that there are many fraudulent schemes in real estate. One would be the Air Loan Fraud scheme is when the borrower and property don’t exist. The mortgage broker sets up a mailboxes to confirm the fake applications, he/she opens a bank account and even set up phone numbers.(p. 99). Wow some people are pretty bold and have no fear of which this is no surprise, criminals always lurking.
Key Concept from Chapter 6
Chapter 6 teaches about Federal Regulation. Federal Regulation such as TILA-Truth in Lending Act, RESPA-The Real Estate Settlement Procedures Act and TRID-TILA, RESPA Integrated Disclosure rule (p. 129). Regulation Z implemented the Truth in Lending Act which requires that the lender must give the consumer a disclosure of all finance charges.
Key Concept from Chapter 5
Another concept in this chapter I learned about is Federal fair Housing Laws – The Civil Rights Act of 1866 was passed by congress after the Civil war ended and you can see what the Civil Rights Act of 1866 on (p.108), I would love to quote it but I dont want to have a high Turnitin percentage, LOL, 🙂 but it is truly so awesome knowing that all have the same rights etc…
Summary
by Samantha Thompson
I really enjoyed these two chapters as they were interesting and very informative. More to learn and I’m ready absorb it all in real estate, that is all the positive absorption to be exact. I do see some math dealing with real estate of course, I’ve always been able to calculate money but have some studying to do with the percentages and fractions I would say but bring it on. 🙂