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NMLS Federal Regulations
Very Important
85
Real Estate & Planning
Professional
03/22/2017
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Term
What does RESPA stand for?
 Definition
Real Estate Settlement Procedures Act
Term
What is RESPA also known as?
 Definition
Reg X
Term
When was RESPA enacted?
 Definition
1974
Term
What agency is RESPA enforced by?
 Definition
HUD
Term
WHat does HUD stand for?
 Definition
Dept. of Housing and Urban Development
Term
What is the objective of RESPA?
 Definition
That the borrower would receive a disclosure about settlement costs (GFE)
Term
What does TILA stand for?
 Definition
Truth in Lending Act
Term
What is TILA also known as?
 Definition
Regulation Z
Term
When was TILA enacted?
 Definition
1968
Term
What organization is TILA enforced by?
 Definition
Federal Reserve Board
Term
What is the purpose of TILA?
 Definition
Requires disclosures of credit terms, costs, APRs, and rescissions.
Term
What does ECOA stand for?
 Definition
Equal Credit Opportunity Act
Term
What is ECOA also known as?
 Definition
Regulation B
Term
When was ECOA enacted?
 Definition
1974
Term
What organizations enforce ECOA?
 Definition
FTC and OCC
Term
What does FTC stand for?
 Definition
Federal Trade Commission
Term
What does OCC stand for?
 Definition
Office of the Comptroller of Currency
Term
What is the objective of ECOA?
 Definition
anti-discrimination.
Term
What does HMDA stand for?
 Definition
Home Mortgage Disclosure Act
Term
What is HMDA also known as?
 Definition
Regulation C
Term
When was HMDA enacted?
 Definition
1975
Term
What is HMDA enforced by?
 Definition
Federal Reserve Board
Term
What is the purpose of HMDA?
 Definition
Data reporting by certain lenders to see if housing needs are being met.
Term
What does GLB stand for?
 Definition
Gramm-Leach-Bliley Privacy Act
Term
When was GLB enacted?
 Definition
1999
Term
Who enforces GLB?
 Definition
FTC
Term
What does FTC stand for?
 Definition
Federal Trade Commission
Term
What is the objective of GLB?
 Definition
Privacy Act - protect credit info
Term
What does SAFE stand for?
 Definition
Secure and Fair Enforcement Act
Term
What is SAFE also known as?
 Definition
Title V
Term
When was SAFE enacted?
 Definition
2008
Term
Who enforces SAFE?
 Definition
HUD
Term
What does FACT stand for?
 Definition
Fair and Accurate Credit Transactions Act.
Term
When was FACT enacted?
 Definition
2003
Term
Who is FACT enforced by?
 Definition
FTC
Term
What is the objective of FACT?
 Definition
Credit reporting and identity theft. Red flag detection.
Term
What does HPA stand for?
 Definition
Homeowners Protection Act
Term
When was HPA enforced?
 Definition
1998
Term
Who oversees HPA?
 Definition
FTC
Term
What is the objective of HPA?
 Definition
PMI cancellation, etc.
Term
What is the Flood Disaster Protection Act also known as?
 Definition
Reg H
Term
When was Reg H enforced?
 Definition
1994
Term
Who enforces REG H?
 Definition
Federal Reserve Board
Term
What is the purpose of Reg H?
 Definition
Flood Hazard insurance and notional flood insurance program.
Term
What does MDIA stand for?
 Definition
Mortgage Disclosure Improvement Act.
Term
When was MDIA enforced?
 Definition
2008
Term
Who enforces MDIA?
 Definition
Federal Reserve Board
Term
What is the objective of MDIA
 Definition
amends TILA
Term
What does HOEPA stand for?
 Definition
Home Ownership and Equity Protection Act
Term
What is HOEPA also known as?
 Definition
Section 32 of Reg Z
Term
When was HOEPA enacted?
 Definition
2002
Term
Who oversees HOEPA?
 Definition
FTC and Federal Reserve Board.
Term
What is the objective of HOEPA?
 Definition
Amends TILA. High cost loans and other prohibited practices.
Term
What is FCRA also known as?
 Definition
Fair Credit Reporting Act.
Term
What is FCRA also known as?
 Definition
Reg V
Term
When was FCRA enacted?
 Definition
1968 Amended 2003 by FACT
Term
Who enforces FCRA?
 Definition
FTC
Term
What is the objective of FCRA?
 Definition
Credit info and rights of debtors.
Term
What does DNC stand for?
 Definition
National Do No Call Registry
Term
When was DNC enacted?
 Definition
2008
Term
Who enforces DNC?
 Definition
FTC
Term
What is the objective of DNC?
 Definition
Telemarketing - 16K fine each violation
Term
When was the Civil Rights Act enacted?
 Definition
1866
Term
Who enforces the Civil Rights Act?
 Definition
Federal District Courts
Term
What is the objective of the Civil Rights ACt?
 Definition
Discrimination by race.
Term
What does the FHA stand for?
 Definition
Fair Housing Act
Term
When was FHA enacted?
 Definition
1968
Term
Who enforces the FHA?
 Definition
HUD
Term
What is the objective of FHA?
 Definition
Discrimination by race, color, religion, sex, national origination, disability, and familial status.
Term
What does CRA stand for?
 Definition
Community Reinvestment Act
Term
When was CRA enforced?
 Definition
1977
Term
Who enforces the CRA?
 Definition
Nobody apparently
Term
What is the objective of CRA?
 Definition
Lenders compliance and meeting needs of communities.
Term
What does FHLMC stand for?
 Definition
Federal Home Loan Mortgage Corp. (freddie Mac)
Term
When was FHLMC established?
 Definition
1970
Term
Who enforces FHMLC?
 Definition
FHFA (Federal Housing Finance Agency)
Term
What is the objective of FHLMC?
 Definition
Non-profit Federally chartered. Conduct for sale and purchase of loan
Term
What does FNMA stand for?
 Definition
Federal National Mortgage Association (Fannie Mae)
Term
When was FNA established?
 Definition
1938
Term
Who enforces FNMA?
 Definition
Federal Housing Finance Agency
Term
What is the objective of FNMA
 Definition
Non-profit Federally chartered. Purchases FHA, VA & conventional loans.
Term
What does GNMA stand for?
 Definition
Govt. National Mortgage assocation. (ginnie may)
Term
When was GNMA enacted?
 Definition
1968.
Term
Who enforces GNMA?
 Definition
HUD
Term
What is the objective of GNMA?
 Definition
Govt. owned, Guarantees principal & interest on FHA & VA loans
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