pink
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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| show | when changes that occur result in different amnts being charged than what's on disclosure
^apr more than 0.125%
change in loan product
addition of prepayment penalty
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| ON THE LAR WHAT INFO MUST BE PROVIDED (10) | show 🗑
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| show | alerts, notification & warning from credit reporting , suspicious docs, suspicious id info, suspicious act act , notice from other sources ex: victim of ID theft customer law enforcement
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| WHEN CANT A REVISE LOAN ESTIMATE BE GIVEN- AT THAT POINT WHAT MUST BE USED WHEN IS THE LATEST A REVISED LOAN EST CAN BE GIVEN | show 🗑
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| show | used by federal state regulators to monitor creditors for risk + warning signs of discrimination
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| WHAT IS THE E-SIGN ACT WHAT MUST BE OBTAINED TO COMPLY | show 🗑
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| WHAT MUST BE FILED WHENEVER THERE IS A CASH TRANSACTION OF 10K OR ^ | show 🗑
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| show | Suspicious Activity Report that must be filed w/ treasury department whenever a person engages in suspicious aggregate transactions of 5k^
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| show | good faith estimate
servicing disclosure statement
affiliated business arrangements
hud-1 settlement statement
escrow account operation and disclosures
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| show | commercials loans or business loans
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| show | salary, commission based on dollar volume or # of loans, participation in a tax adv.
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| show | written notification called adverse action notice
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| show | a complete list of actual settlement cost that will be charged at closing
one bus-day prior to settlement if request by brrwr
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| RESPA PROHIBITS (3) | show 🗑
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| WHEN IS A FACT "MATERIAL" | show 🗑
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| WHEN MORTGAGE BROKERS + ORIGINATORS WERE ABLE TO INCREASE THEIR COMPENSATION BY GIVING BRWR HIGHER INTEREST RATE THAN WHICH THEY QUALIFIED FOR IS CALLED | show 🗑
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| show | AT CLOSING AND ONCE A YEAR
NOTICE OF ESCROW ANALYSIS
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| HOW LONG ARE MOST ADVERSE ITEMS ON A CREDIT REPORT IF INFO ON CREDIT IS INCORRECT HOW LONG DOES CREDITORS HAVE TO REMOVE IT | show 🗑
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| ____ occurs WHEN AN ORIGINATOR DIRECTS A BORROWER TO GIVEN A LOAN PRODUCT TO INCREASE COMPENSATION | show 🗑
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| WHAT RESTRICTIONS OCCUR IF HIGHER PRICE MORTGAGE LOAN (3) | show 🗑
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| show | compare APR to APOR if APR exceeds APOR
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| show | Homeowners Protection Act
don't apply to government loans
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| WHAT ARE PERMISSIBLE PURPOSES FOR PULLING A CONSUMERS CREDIT REPORT (5) | show 🗑
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| show | can't reduce compensation to help brwr
terms/condition of a loan
interest rate on loan
sales of services from an affiliated business
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| show | FTC Federal Trade Commission
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| HOW LONG MUST THE CREDITOR KEEP CLOSING DISCLOSURE DOCS | show 🗑
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| show | THE CREDITOR
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| show | Annual Percentage Rate
estimated total cost of credit over life of loan
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| show | 16K PER CALL
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| CREDITOR CAN NOT CHARGE ANY FEES UNTIL OTHER THAN | show 🗑
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| show | LOAN ESTIMATE & CLOSING DISCLOSURE
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| WHAT IS GLBA | show 🗑
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| show | FINANCIAL PRIVACY RULES
SAFE GUARD RULES
PRETEXTING RULES
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| HOW MANY DAYS AFTER THE LE IS GIVEN CAN THE TRANSACTION BE CONSUMMATED | show 🗑
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| WHAT'S THE PURPOSE OF RESPA | show 🗑
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| show | no negative amortizations
no ballon payments
income + financial resources must be veified and documented
max 30 yr loan
max 3 % of loan amount
max back-end ratio of 43%
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| per TILA & HOEPA WHAT DISCLOSURE / LIMITATIONS APPLY WITH HIGH INTEREST RATES LOAN FEES WHAT LOANS DO THESE REGULATIONS APPLY TO (5) | show 🗑
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| REG C IS ENFORCED BY IMPLEMENTS | show 🗑
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| show | charm booklet
advertising + trigger terms
trans of ownership disclosure
right of recession
loan originators compensation
high priced mortgage loan
home ownership & equity protection act
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| show | 60 DAYS AFTER CONSUMMATION
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| WHAT IS TITLE INSURANCE | show 🗑
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| WHO CREATED THE CFPB | show 🗑
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| WHAT IS LOAN SERVICING DISCLOSURE SERVICING REFERS TO? | show 🗑
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| show | when property seller requires buyer to use a particular title insurance company
liable for 3x cost of the title services
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| WHEN MUST MORTGAGE ISNURANCE ON BRWRS PRIMARY RESIDENCE BE CANCELLED | show 🗑
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| HOW LONG DOES BRWR HVE TO RESCIND | show 🗑
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| WHAT IS THE RIGHT TO RESCISSION | show 🗑
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| LOAN ESTIMATE + CLOSING DISCLOSURE ARE REG? | show 🗑
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| show | anvils
address, name, value, income, loan amount, social security
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| WHAT IS HMDA WHAT WAS IT IN RESPONSE TO | show 🗑
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| show | the arbitrary denial of real estate loan apps in certain geographic areas w/o considering individual applicant qualification
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| show | involves bringing illegal obtained funds in and out of the financial system in a manner that evades law enforcement
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| show | the amount a particular charge can exceed the amount listed on the loan estimate
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| show | 2 yrs
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| show | ARM DISCLOSURE
CHARM BOOKLET
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| WHAT ARE TRIGGER TERMS | show 🗑
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| WHAT IS FinCen WHAT DO THEY DO | show 🗑
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| show | REG B
regulated by CFPB
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| HOW LONG DOES A FINANCIAL INST HAVE TO FILE A SARs report | show 🗑
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| HOW LONG MUST A CREDITOR KEEP THE RECORDS OF THE LE AFTER CLOSING | show 🗑
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| show | notice of default
acceleration
reposseions
foreclosure
eviction
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| show | no later than the time the referral to off biz is made
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| show | no later than 15 days before services are transferred
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| show | GLBA requires customers get a privacy policy at 3 distinct times explaining that inst collection and sharing practices
3 times > consumer to customer, annually 4 customers, policy changes
for consumers opt out right (limits sharing info w/ 3rd party)
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| WHAT ARE PRETEXTING PROVISIONS | show 🗑
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| show | 30 DAYS unless clerical error then 60 days (ex wrong 3rd party servicer)
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| show | LO must present loan options for each type of loan brwr express interest
options presented must include > lowest interest rate, lowest cost in pts fees, no risky features (neg amortizations, prepayment penalty)
consumer will qualify
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| show | GOVERMENT>FHA>VA>USDA rural developments
CONVENTIONAL LOANS>conforming>non conforming
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| show | prohibits MLO compensation based on terms of the loan
REG Z
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| show | qualified mortgage ability to repay
vs
qualified residential mortgage deals w/. risk retention and forces on secondary market
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| show | good faith estimate -required disclosure of known / anticipated fees, charges or settlement cost that mortgage applicant is likely to incur at closing
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| LAR | show 🗑
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| show | PROHIBITS discrimination in residential real estate transactions based on race, color, religion, national origin, gender, physical mental disability
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| show | race, color, religion, marital status, age, national origin, receipt of income, applicant exercised any right under consumer credit protection act
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| show | when its 1-4 unit residental property
not when commercial property, vacant land, 25+ acres , temp financing
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| WHAT IS THE PURPOSE OF TILA | show 🗑
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| WHAT REG IS RESPA WHO ENFORCES IT | show 🗑
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| show | sets min standards for verfying customers identity
requires establishment set anti money laundering programs which id and address financial crimes
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| WHAT IS THE CLOSING DISCLOSURE | show 🗑
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| show | If they have a one off transactioal relationship
if the relationship is on going
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| show | Respa any date on which the creditor is open to the public for carrying ALL of creditors business functions
Tila any day except legal holidays & Sundays
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| WHAT ARE TRIGGER TERMS (STATE THEM) (4) | show 🗑
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| WHAT IS THE ROLE OF A SETTLEMENT AGENT | show 🗑
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| show | REG Z
CONSUMER financial PROTECTION BUREAU
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| WHAT IS REGUALTION N BY WHO AND WHY WAS IT ISSUED | show 🗑
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| WHAT MUST A LO NOT DO FOR REAL ESATE AGENTS | show 🗑
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| HOW DO WE FIND OUT IF A LOAN IS HIGH COST WHEN IS IT CONSIDERED HIGH COST | show 🗑
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| WHAT IS TIP DESCRIBE | show 🗑
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| show | BRWR can sue creditors individual if they feel they cant afford mortgage and ability to repay was not properly vetted
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| WHAT LOANS NEED TO COMPLY WITH TRID BUT NOT REPSA (3) | show 🗑
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| WHAT LOANS ARE EXEMPT FROM TRID (4) | show 🗑
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| show | the US dept of Housing & urban development
Approves lenders who want to make FHA insured loans & enforces Fair Housing Act
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| show | DODD FRANK ACT
prohibited when ARMs loan, APR exceeds APOR 1.5% 1st lien (higher price), loans that don't meet QM definition
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| show | -Loan estimate (GFE)
-mortgage loan servicing disclosure
-home loan tool kit ( hud special info booklet on settlement cost)
-counselor booklet
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| WHAT ISSUES DOES THE DODD-FRANK ACT ADDRESS (5 larpa) | show 🗑
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| WHAT IS THE TRANSFER OF OWNERSHIP DISCLOSURE HOW LONG DO THEY HAVE TO INFROM BRWR | show 🗑
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| WHAT DOES DODD-FRANK REQUIRE MORTGAGE LENDERS TO VERIFY BEFORE EXTENDING CREDIT WHEN DOES THIS APPLY VS NOT | show 🗑
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| WHT IS THE PURPOSE OF THE USA PATRIOT ACT | show 🗑
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| WHAT IS THE AML WHAT DO THEY DO | show 🗑
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| WHAT IS THE SAFEGUARDS RULE WHO IS RESPONSIBLE FOR ENFORCING | show 🗑
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| show | long as each party pays their share
LO and real estate agents
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| show | -dispararte impact: practice appears to be non-discriminatory but unintentionally has neg effect on members of certain classes
-disparate treatment- defined as difference in the way classes are treated (handshake)
-overt discrimination: explicit or
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| show | a mortgage loan w/ interest that can change at any point during the life of the loan
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| HOW LONG DO LENDERS HAVE TO NOTIFY APPLICANTS OF ACTION TAKEN ON THEIR LOAN | show 🗑
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| WHAT IS A KICKBACK WHAT IS THE FINE | show 🗑
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| WHAT IS THE DUAL COMPENSATION RULE WHO CREATED IT ? | show 🗑
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| show | 2 months 1/6 of year
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| show | TILA-REPSA INTEGRATED RULE
GFE & truth in lending disclosures LE, HUD-1 settlement disclosure, CD
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| show | REG Z
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| show | show in consumers best interest
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| FCRA STAND FOR | show 🗑
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| show | only request credit info for applicant who applied with give written authorization
if adverse action must notify (unfavorable decision against consumer based off credit report)
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| show | to provide individual with their credit report upon request, no charge , once per year
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| UNDER WHAT CIRCUMSTANCES CAN A REVISED LOAN ESTIMATE BE ISSUED (5) | show 🗑
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| show | a special scenario after LE thats occurs or discovered =
-higher settlement cost or change in brwr eligibility for loan
-change in info relied on by credit when making LE
-new info that impacts brwr eligibility or settlement cost
- unexpected event
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| WHAT IS BSA WHAT DO THEY DO | show 🗑
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| show | the red flag rule
FACTA = FAIR and Accurate Credit Transaction Act
requires business to implement a written ID theft prevention program to detect warning signs of id theft day 2 operations
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