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Question Set 4 (Federal)
Terms in this set (50)
need be given to only on
According to RESPA, when two applicants jointly apply for a home purchase loan, a special information booklet?
the Consumer Financial Protection Bureau.
The Real Estate Settlement Procedures Act is administered by?
Referrals from a real estate broker
Payment by a mortgage broker for which of the following would constitute giving a thing of value in violation of RESPA?
Both the mortgage broker and the title company
If a mortgage broker refers clients to a title company in which he is a 4% owner and receives annual dividends based on the amount of business it refers to the title company, who is in violation of RESPA?
A statement that the use of the affiliated service provider is not required
A statement that the use of the affiliated service provider is not required...
a home equity loan
At the same time that he obtains his first mortgage loan, a homebuyer obtains a closed-end mortgage loan in order to cover part of his down payment. This second loan is...
1 percent ownership interest in another settlement services provider.
In an affiliated business arrangement, a provider of settlement services- may, but is not required to, have more than?
one that is solely for construction of the borrower's home.
RESPA applies to all the following loans EXCEPT...
Neither the mortgage broker nor the real estate brokers
If a mortgage broker conducts a free seminar to inform real estate brokers about its new mortgage products, who is violating RESPA?
within 30 days of the end of the escrow account computation year.
A loan servicer must deliver an annual escrow statement to the borrower?
Title insurance chosen from a list of providers offered by the lender
Which of the fees below has a 10% tolerance for changes on the Loan Estimate?
Which of the following items may not increase above the estimate in the Loan Estimate?
Settlement service providers not on the loan originator's list who are selected by a borrower
Which of the following charges have no tolerance restriction?
Government recording charges
Which of the following charges have a 10% tolerance?
has 60 days from settlement to refund the excess to the borrower.
When actual charges at settlement exceed the estimates on the Loan Estimate by more than the zero or 10% tolerances, the loan originator?
The lender's or mortgage broker's origination charge has?
ascertaining whether the Loan Estimate has been provided.
In a loan transaction involving a mortgage broker, then the lender is responsible for?
A creditor must maintain evidence it delivered the Loan Estimate as required for how many years?
A creditor must maintain evidence it delivered the Closing Disclosure as required for how many years?
closed-end credit transactions secured by real property.
All of the following are exempt from the requirements of the TILA-RESPA Rule EXCEPT...
A creditor must provide the Loan Estimate within how many business days after receipt of a residential mortgage loan application?
the loan originator changing the brokerage fee.
In regard to the Loan Estimate, the term "changed circumstances" applies to all of the following EXCEPT...
10 business days
The loan originator's estimate of the charges and terms must be available for at least what period of time after the Loan Estimate is provided?
three business days after it is mailed
The loan originator mails a Loan Estimate to an applicant. The applicant is considered to have received it?
The anticipated ARM rates for the first five years
Which of the following does not appear in the Loan Estimate?
A revised Loan Estimate must be provided to a loan applicant within how many business days after receiving the information sufficient to allow the issuance of the revised disclosure?
flood insurance premiums
In the Closing Disclosure, escrow account deposits include?
Which of the following is designed to show all receipts and disbursements by the closing agent in a refinance transaction in which there is no seller?
The Loan Estimate and Closing Disclosure may NOT be provided by?
each party who has a right to rescind.
If multiple applicants are involved in a transaction that can be rescinded, the Closing Disclosure must be provided to?
consumer reporting agencies.
The Fair Credit Reporting Act defines companies that gather and evaluate consumer credit records....
The Equal Credit Opportunity Act requires that a creditor retain a loan application form for how many months?
ensure the accuracy of information in consumer reports
The purpose of the Fair Credit Reporting Act is to...
requiring the consumer reporting agency to assist in locating the thief
The Fair Credit Reporting Act provides all of the following courses of action for an identity theft victim who has filed a valid police report EXCEPT...
The Equal Credit Opportunity Act requires that an applicant be informed about action taken on his completed loan application within how many days of its filing?
In order to prevent identity theft, a consumer is entitled to a free credit report from each major CRA?
the applicant's creditworthiness
In the processing of a loan application, a lender's credit scoring system helps to evaluate
names and/or contact numbers for consumer credit counseling agencies
All of the following are included in an ECOA adverse action notice EXCEPT...
he will note the information on the basis of his visual observation and continue to process the application.
In a face-to-face application, if the applicant chooses not to provide his race, national origin or sex, the licensee must inform the applicant that...
In an individual lawsuit, a violator of the Equal Credit Opportunity Act is subject to punitive damages of up to?
the Federal Trade Commission
The federal agency that oversees the federal Do-Not-Call Registry is?
acts of fraud such as identity theft
The Disposal Rule, a part of the Fair and Accurate Credit Transactions Act, is intended to prevent?
Until he removes it or phone service is discontinued
Once a person registers his phone number on the federal Do-Not-Call list, how long will it remain there?
a home equity loan used to pay off outstanding medical bills
All of the following are mortgage loans subject to coverage under the Home Mortgage Disclosure Act EXCEPT...
the Fair and Accurate Credit Transactions Act
The Federal Trade Commission's Red Flags Rule is part of?
a consumer reporting agency
Under the Gramm-Leach-Bliley Act, a financial institution may share a customer's account information with a nonaffiliated third party that is?
The FTC Red Flags Rule requires that creditors create and monitor policies applying to red flags that indicate?
Under the rules for the Do-Not-Call Registry, a mortgage broker may make an unsolicited call to a potential customer whose name is on the Registry for up to how many months after that person made an inquiry or submitted an application?
Under HMDA, what is the term for an application for a home purchase loan in which the lender, after a comprehensive analysis of the applicant's creditworthiness, issues a written commitment to make a home purchase loan up to a specified amount, subject to the home's appraisal?
establish policies and procedures to ensure compliance with the rule
The FTC's Telemarketing Sales Rule requires that persons who engage in telemarketing?