Term
| Which regulation is also known as Equal Credit Opportunity Act? |
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Definition
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Term
| Regulation V is also known as which Act? |
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Definition
FCRA
Fair Credit Reporting Act |
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Term
| When was Regulation C implemented into law? |
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Definition
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Term
| When was RESPA implemented? |
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Definition
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Term
| Which Regulations were implemented in 1968? |
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Definition
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Term
| What does the SAFE acronym stand for? |
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Definition
| Secure and Fair Enforcement |
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Term
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Definition
- HOEPA Home Ownership and Equity Protection Act (1994)
- MDIA Mortgage Disclosure Improvement Act (2008)
- Higher Priced Loans (1994)
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Term
| What does the acronym HPA stand for? |
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Definition
| Homeowners Protection Act |
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Term
| Which Act was implemented in 1866? |
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Definition
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Term
| Which Acts were implemented in 2008? |
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Definition
- Community Reinvestment Act
- Housing and Economic Recovery Act
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Term
| What is the full name for FannieMae? |
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Definition
| Federal National Mortgage Association |
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Term
| What is the full name for FreddieMac? |
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Definition
| Federal Home Loan Mortgage Corporation |
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Term
| Which Act is regulated by HUD? |
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Definition
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Term
| Which section on the Federal Exam is the least weighted? |
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Definition
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Term
| Title X of the Dodd-Frank Act is also known as? |
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Definition
CFPA
Consumer Financial Protection Act |
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Term
| The Mortgage Reform and Anti-Predatory Lending Act is known as which title under Dodd-Frank? |
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Definition
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Term
| Which are initial disclosures under RESPA? |
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Definition
- GFE
- Special Information Booklet
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Term
| To remain compliant – when must a lender send initial disclosures to the borrower? |
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Definition
| 3 business days after completed application |
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Term
| How long does a lender have to cure overages on the GFE? |
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Definition
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Term
| How long is the right of rescission on a purchase? |
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Definition
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Term
| What is the definition of a finance charge? |
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Definition
| the cost of credit expressed in a dollar amount |
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Term
| To remain compliant when must a lender provide the Final TIL? |
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Definition
| 7 business days before closing |
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Term
| For the TIL Statement to be considered accurate on a regular transaction, the APR must not change more than what percent? |
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Definition
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Term
| If a lender violates the right of rescission, how long is it extended for? |
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Definition
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Term
| How many copies of the rescission notice must go to each person with ownership interest? |
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Definition
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Term
1. Which of the following fees cannot change from GFE to HUD-1? (Circle all that apply)
a. Government Recording Charges
b. Transfer Taxes
c. Required Services We Select
d. Origination
e. Points
f. Owner’s Title Insurance |
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Definition
- B - transfer taxes
- D - origination
- E - points
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Term
1. What is a HUD-1 used for? (Circle all that apply)
a. Purchase transaction
b. HELOC
c. Refinance
d. All of the above |
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Definition
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Term
| How long must a lender retain copies of the HUD-1? |
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Definition
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Term
| When is the Servicing Transfer Statement due? |
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Definition
| 15 days prior to transfer |
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Term
| How often must a borrower be provided an analysis of their escrow account? |
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Definition
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Term
| Which disclosure is due at the time of referral? |
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Definition
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Term
Which of the following TILA disclosures are due upon closing?
a. HUD-1
b. Servicing Transfer Statement
c. Notice of Right to Cancel
d. CHARM Booklet
e. Final TIL |
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Definition
| c.Notice of Right to Cancel |
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Term
Which of the following ECOA disclosures are due within 30 days of completed application? (Circle all that apply)
a. Notice of Adverse Action
b. Notice of Incomplete Application
c. HMDA Disclosure for Government Monitoring
d. Notice of Action Taken
e. Notice of Right to Receive an Appraisal
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Definition
a.Notice of Adverse Action
b.Notice of Incomplete Application
c.HMDA Disclosure for Government Monitoring
d.Notice of Action Taken |
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Term
| What 4 items are listed in the “Federal Box”? |
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Definition
- APR
- finance charge
- amount of finance
- total of payments
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Term
Which of the following are protected classes under ECOA? (Circle all that apply)
a. Sex
b. Marital Status
c. Exercised Rights under the CCPA
d. Receipt of Public Assistance
e. Age
f. Familial Status
g. Color
h. Race
i. Disability
j. Religion
k. National Origin |
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Definition
a.Sex
b.Marital Status
c.Exercised Rights under the CCPA
d.Receipt of Public Assistance
e.Age
f.Familial Status
g.Color
h.Race
i.Disability
j.Religion
k.National Origin |
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Term
The Fair Housing Act prohibits discrimination from all of the following except? (Circle all that apply)
a. Age
b. Sex
c. Familial Status
d. Religion
e. Disabilities
f. Marital Status |
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Definition
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Term
Section X of the Uniform Residential Loan Application asks which of the following? (Circle all that apply)
a. Age
b. Sex
c. Ethnicity
d. Religion
e. Race
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Definition
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Term
| What is section 114 of FACTA also known as? |
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Definition
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Term
| What is the full name of the GLBA? |
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Definition
| The Financial Serivces Modernization Act of 1999 |
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Term
| What does SPF stand for under GLBA? |
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Definition
- Safeguard
- Pretexting
- Financial privacy
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Term
| Which section of RESPA protects borrowers against abuses by servicers? |
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Definition
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Term
| What is the penalty for violating the National Do Not Call Telemarketing Rules? |
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Definition
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Term
| Which section of RESPA would protect a borrower from excessive requirements on Taxes and Insurance? |
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Definition
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Term
| If a broker provides a title company with a mug with the name of the title company on it which section of RESPA has been violated? |
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Definition
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Term
| What are the penalties for violating RESPA? |
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Definition
- 1 year of prison
- $10,000
- up to 3 times the liability
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