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Terms in this set (79)
The Real Estate Settlement Procedures Act (RESPA) is implemented as:
Which government agency enforces the RESPA regulations?
RESPA is concerned with
The Good Faith Estimate/Loan Estimate must be sent to the borrower within how many business days of receiving a loan application?
The Special Information Booklet must be sent to the borrower within how many business days of receiving a loan application?
The Mortgage Servicing Disclosure Statement must be sent to the borrower within how many business days of receiving a loan application?
How often must a summary of escrow activity statement be sent to the borrower?
Once a year
RESPA requires which of the following be given to a borrower when the loan servicer changes?
-Servicing Transfer Statement
-Good Faith Estimate
-Truth in Lending Disclosure
-Initial Escrow Statement
-Servicing Transfer Statement
When must a referring party give the Affiliated Business Arrangement Disclosure to the consumer?
At or prior to the time of the referral
A borrower is entitled to request and obtain a copy of the HUD-1 Settlement Statement how many days before closing?
After an escrow account analysis, money must be refunded if the over-paid amount equals or exceeds:
The servicer has how many days to notify the borrower if the servicing rights have been sold and are being transferred to another company?
A borrower who makes a timely payment to the old servicer after a loan transfer, can be penalized for how many days if he still is not sending the payment to the correct servicer?
What is the maximum criminal penalty for a kickback violation?
$10,000 and a year in prison
The HUD-1 Settlement Statement is required for what type of transaction?
The maximum escrow cushion that a lender can require is:
1/6 of total yearly disbursements
The lender has how many days after settlement to refund any portion of charges on the HUD-1 that exceeded the acceptable variance?
The Equal Credit Opportunity Act (ECOA) is implemented as:
ECOA allows an applicant to have a copy of his:
Property appraisal report
What government agency enforces ECOA?
A lender can discriminate based on:
How many days does a lender have after receipt of an application to notify the applicant of its action on the application?
How many days does an applicant have after receipt of an adverse action notice to request a statement of reasons from the lender?
How many days does a lender have to send a statement of reasons for an adverse action after receiving a request from an applicant?
The Truth-in-Lending Act (TILA) is implemented as:
The Truth-in-Lending ACT (TILA) was implemented by the:
Federal Reserve Board
The Truth-in Lending Act is administered by:
The TILA disclosure must be given to the applicant within how many days after recieving the signed loan application for a reverse mortgage?
3 business days
Which of the following is NOT a trigger term?
-5% interest rate
-$200 monthly payment
-Lowest rates in town
-48 easy payments
Lowest rates in town
The Right of Rescission does NOT apply to:
First mortgage on a purchase
The TILA must be re-disclosed if the APR for a fixed-rate loan changes by more than:
HOEPA considers a loan to be high cost if the total charges to the borrower exceed what percent of the loan amount?
The Truth-in-Lending Disclosure must be delivered within how many business days prior to closing a reverse mortgage?
The APR must be finalized at least how many days before closing?
The Home Mortgage Disclosure Act (HMDA) was implemented by the:
Federal Reserve Board
HMDA is also known as:
HMDA does not:
Set lending quotas for protected classes
Which of the following is NOR required HMDA borrower information?
The Fair Credit Reporting Act is enforced by:
Bankruptcies can be kept in the credit report for:
Tax liens can be kept in the credit report for:
Which of the following is NOT a credit repository?
Borrowers are entitled to a free credit report if the lender takes adverse action against them and they ask for their report within how many days of receiving notice of the action?
Which Act includes provisions to protect consumers' personal financial information held by financial institutions?
What is the fine for Do Not Call violations?
A company with which a consumer has an established business relationship may call for how many months after the consumer's last purchase?
If a consumer makes an inquiry or submits an application to a company, the company can call for how many months?
Which of the following is allowed to call numbers on the Do Not Call List?
The Fair and Accurate Credit Transaction Act:
Allows consumers one free credit report per year from each repository
Who does the consumer contact if he has questions about his credit score?
Credit Reporting Agency
The range of possible credit scores is:
The Red Flags Rule is concerned with:
The Red Flags Rule is part of the:
Fair and Accurate Credit Transactions Act
Which of the following is a creditor as defined by the Red Flags Rule?
Which of the following is NOT a requirement for a company's Red Flags program?
-Be in writing
-Identify and detect warning signs of identity theft
-detail appropriate responses to the warning signs
-Managed by the Human Resources Department
Managed by the Human Resources Department
If a Loan Estimate is mailed, it must be mailed how many days before loan consummation?
A lender has how many days to refund excessive variances on a Closing Disclosure?
A change to which of the following does NOT trigger a new 3-day waiting period?
-Seller credits buyer money for landscaping
-Addition of a prepayment penalty
Seller credits buyer money for landscaping
How many business days before loan consummation is a seller entitled to see the Closing Disclosure?
0 (closing day)
Which Act requires companies to give consumers privacy notices?
How many business days before loan consummation is a borrower entitled to see a revised Closing Disclosure that did not trigger an additional 3-day waiting period?1
When a consumer requests the cancellation of their escrow account, the lender has how many business days prior to closing the account to deliver an Escrow Closing Notice?
When a lender cancels an escrow account for a reason other than default or termination caused by refinancing, repayment or rescission, they have how many business days prior to closing the account to deliver an Escrow Closing Notice?
For how many years must a lender retain the Loan Estimate?
For how many years must a lender retain the Closing Disclosure?
For how many years must a lender retain the Escrow Cancellation Notice?
For how many years must a lender retain the Partial Payment Policy?
The borrower must receive the Closing Disclosure how many business days before consummation?
Which of the following is NOT delivered to a reverse mortgage applicant?
-Good Faith Estimate
Which of the following is NOT protected from discrimination by the Fair Housing Act?
ECOA requires that a loan application is retained for how long after denial?
What should a loan originator do if an applicant refuses to disclose their nationality?
Select the box with their best guess
What should a loan originator do on a Loan Estimate address field when the borrower requests a pre-approval?
Enter one or more zip codes of likely locations
How many housing counseling agencies must be listed on the Housing Counseling Disclosure?
What entity does HUD oversee?
Federal Housing Administration
What is the maximum term for a HOEPA ballon bridge loan?
A borrower must indicate an Intent to Proceed within how many business days after receiving the Loan Estimate?
Which law enacted mandatory cancellation of PMI under certain circumstances?
What is the minimum number of hours for loan originator pre-licensing education?
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