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Session 6
Federal Lending and Consumer Protection Laws
| Question | Answer |
|---|---|
| Annual Percentage Rate (APR) | The relationship between the cost of borrowing and the total amount finances, represented as a percentage. |
| Closing Disclosure | A statement prepared by the lender itemizing loan costs and terms as required for RESPA related transactions |
| Consumer Financial Protection Bureau (CFPB) | An agency funded by the Federal Reserve with rule making and enforcement authority over many consumer financial laws, including the truth in lending act and the real estate settlement procedures act. |
| Consumer Privacy Act of 1974 | A federal law that establishes a code of fair information practices that governs the collection, maintenance, use, and dissemination of information about individuals. |
| Equal Credit Opportunity Act (ECOA) | Federal Law that prohibits discrimination in granting credit to people based on sex, age, marital status, race, color, religion, national origin, or receipt of public assistance. |
| Fair Credit Reporting Act (FCRA) | A Federal Law that regulates the collection of consumers credit information and access to their credit reports |
| Interstate Land Sales Full Disclosure Act | A Federal Law that protects consumers from fraud and abuse in the sale or lease of land. |
| Loan Estimate | A lender disclosure containing a "good faith estimate" of closing costs, loan terms, and the cost that the borrower must pay for a real estate loan, including the APR. |
| Real Estate Settlement and Procedures Act (RESPA) | Federal law dealing with real estate closings that provides specific procedures and guidelines for the disclosure of settlement costs. |
| Trigger Terms | A word of phrase that describes a loan, including the down payment, terms, and monthly payment. If an ad uses a trigger term additional disclosures are required to comply with the truth in lending act. |
| Truth in the Lending Act (Regulation Z) | Federal Law requiring disclosure of the terms of the credit by a creditor to a prospective borrower. |
| Blockbusting | An Illegal act whereby owners are encouraged to sell their properties because minorities are moving to their neighborhood. Also called panic selling or panic peddling. |
| Civil Rights Act of 1866 | A federal Law that prohibits discrimination based on race, color, or ancestry without exception. |
| Fair Housing Amendments Act of 1988 | |
| Familial Status | A protected group under the federal fair housing act, making it illegal to discriminate against persons because they are the parent or guardian of a child less than 18 years of age, or because they are pregnant. |
| Federal Fair Housing Act of 1968 | A law that prohibits discrimination in all facets of the home buying process on the basis of race, color, national origin, religion, sex, familial status, or disability |
| Group Home | A residential property where a small number of unrelated people in need of care, support, or supervision can live together |
| Handicap/Disability | A physical or mental impairment that substantially limits or curtails one or more major life activities. |
| Redlining | The illegal process of a lender denying loans in certain areas of a community because of race, color, creed, etc |
| Steering | Channeling prospective buyers or tenants to particular neighborhoods based on race, religion, nation origin, ancestry, or other legally protected class. |
Created by:
Baayangle
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