N8
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Truth in lending act/Regulation Z | owner occupied 1-4 unit. institutional lenders. Disclose: APR, all finance charges in dollars. trigger terms = use 1 then use all (loan amount, down payment $, #, amount, frequency of payments, APR). APR alone ok. Refinance=3 day right to rescind
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| RESPA | disclose settlement costs. good faith estimate of costs within 3 days of loan application. HUD-1 inspection one day prior to closing, shopping for your home loan. 1-4 fam. property financed federally regulated loan no carry backs/loan assumptions.
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| RESPA cont. | limits 4 in escrow. prohibits kickbacks. disclosure of affiliated business relationships/receipt of fees/services. buyer chooses title insurance company
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| Fair credit reporting act (FCRA) | protect public from inaccurate info. consumer has right to inspect/correct file. denied credit because of report, credit bureau must be given to consumer
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| Equal credit opportunity act (ECOA) | prohibits discrimination (credit) on basis of color, race, religion, national origin, sex, marital status, age or help from public assistance. (protected classes)
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| Americans with disabilities act (ADA) | equal access to public accommodations. (handicapped spots, rams, restrooms..)
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| Interstate land sales full disclosure ace | requires full public record of property
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| Fair housing laws | no discrimination in sale, rental, advertising, financing on basis of: race, color, religion, national origin, sex, handicap[ed status, family status
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| Civil rights act of 1866 | no discrim. bason on race or color
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| Federal fair housing act of 1968 | prohibits discr. based on race, color, religion, nat orig, sex when selling/leasing resid. property
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| Steering | channeling buyers to specific area
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| Blockbusting |
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| Redlining | lenders/insur. company denying loans in specific areas
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| Fair housing amendments act of 1988 | handicapped/family status
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| Familial status | families with ids under 18
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