David Saks

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Education & Training - (retired) - TN LIC# 290452
David Saks is a musician, retired real estate broker, and long-time ActiveRain member. David's blog features important information relevant to the safety, integrity and security of the industry. In addition to his widely read real estate fraud blog, a comprehensive overview of real estate continuing education is a weekly addition for his subscribers and the ActiveRain community at-large. Thank you for subscribing to and for visiting David's ActiveRain home on the internet. Please join. Membership in ActiveRain will enrich your life !

ARCHIVED BLOG POSTS

2012 

Former President of Mortgage Lending Sentenced for Making False Statements to the FDIC U.S. Attorney’s Office November 30, 2012 Eastern District of Michigan (313) 226-9100   A Port Huron bank president will pay $185,000 and was permanently barred from the banking industry as a result of his felo...
12/03/2012
Liberty Woman Indicted for $5 Million Mortgage Fraud U.S. Attorney’s Office November 30, 2012 Western District of Missouri (816) 426-3122   KANSAS CITY, MO—David M. Ketchmark, Acting United States Attorney for the Western District of Missouri, announced today that a Liberty, Missouri woman who o...
12/03/2012
#1950 A land contract is usually acceptable for a seller second which will supplement an institutional loan. Is this fact true or false ? Please remember to take your time. The solution is posted below the wildlife photo. A. False A land contract cannot be used for a seller second supplementing a...
12/03/2012
                                                         #1949 The rule of thumb, when qualifying a VA loan applicant, is that debt to income ratio should not exceed 55%. Is this fact true or false ? Please remember to take your time. The solution is posted below the wildlife photo. A. False The ...
12/03/2012
 #1948 The VA will consider and allow secondary financing only if the total amount of the loan to be financed exceeds the appraised value of the property. Is this fact true or false ? Please remember to take your time. The solution is posted below the wildlife photo. A. False Not exceeding the th...
12/03/2012
 #1947 A veteran is applying for a 400,000 dollar loan, which is the purchase price of the home, and has full VA entitlement. The home was appraised at 425,000 dollars. The required downpayment for the loan is 1.5% of the total loan amount, or $6000 dollars if no downpayment is applied to the cos...
12/03/2012
#1946 Prepayment penalties are always a condition of underwriting a VA loan. Is this fact true or false ? Please remember to take your time. The solution is posted below the wildlife photo. A. False Prepayment penalties are not allowed with a VA loan. This is considered one of the key characteris...
12/03/2012
 #1945 A veterans entitlement may only be restored after his or her VA loan is assumed and the one who assumes the loan is not a veteran. Is this fact true or false ? Please take your time. The solution is posted below the wildlife photo. A. False One of the conditions for restoration of entitlem...
12/03/2012
#1944 A veteran may receive a VA guaranteed loan only on a single family residence. One to four unit unit residences are ineligible. Is this fact true or false ? Please take your time. The solution is posted below the wildlife photo. A. False A one to four unit residence is eligible for a VA loan...
12/03/2012
                                                #1943 The the VA will guarantee a loan only if the lender does not require a downpayment. Is this fact true or false ? Please take your time. The solution is posted below the wildlife photo. A. False Lender's will make a loan without requiring a dow...
12/03/2012
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David Saks

May God Bless You, Always. David
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