A borrower obtains a $275,000 mortgage on a property in Rochester, New York. What is the New York State basic mortgage recording tax (the $0.50 per $100 component only)?
Correct Answer
C) $1,375.00
The basic NY State mortgage recording tax is $0.50 per $100 of principal: $275,000 / $100 = 2,750 units x $0.50 = $1,375.
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Related Topics & Key Terms
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Related Concepts
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
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