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Do Not Call (DNC) Registry
Terms in this set (16)
when was the do-not-call implementation act signed into law? what was the earlier legislation that it became a part of?
2003 and the telemarketing consumer fraud and abuse prevention act and the telemarketing sales rule
what is the law intended to do?
allow consumers to restrict unwanted sales calls from coming into their homes
who enforces the DNC registry?
the federal trade commission (FTC) and the federal communications commission (FCC)
what must a company maintain to keep from violating DNC regulations?
BOTH national and internal (company) lists of customers and prospects and keep them updated regularly.
how often does the national DNC list and the company's internal DNC list must be updated?
every 31 days, and records to document this must be maintained for 24 months
how much can violators be fined?
up to $42,530 per call
when is the only time telemarketing calls be placed?
between 8am and 9pm in the time zone of the consumer being called
DNC Safe Harbor Rule says companies won't be held liable if they:
-have a written do-not-call policy,
-train employees on a regular basis regarding the policy,
-maintain an internal list of customers who requested not to be called,
-access the register every 31 days (documentation required), and
-must also be able to prove that the call was made in error
what is established business relationship?
the requirements DNC and its provisions do not apply if a consumer has an established relationship with a mortgage professional.
what are the two ways that an established business relationship can be established?
-Eighteen (18) months after the consumer's last purchase/transaction-The consumer purchased, rented, or leased goods and/or services from the seller or participated in a financial transaction between the consumer and the seller within 18 months preceding a telemarketing call.
-Three (3) months after the consumer makes an inquiry or submits an application to the company within three months preceding a telemarketing call
what does HPA (Homeowners Protection Act) require of lenders or servicers?
to provide disclosures concerning private mortgage insurance (PMI) on residential mortgage transactions
When can a borrower request cancellation of PMI?
when the loan balance reaches 80% LTV (loan to value) of the original purchase price or appraised value of the home at the time the loan was obtained, whichever is less
when does HPA apply?
if the loan is current and the payment history is acceptable.
-This mean no payment was 30 days or more past due in the past 12 months and now payment was 60 days or more past due in the previous 24 months.
Lender may require an appraisal to prove the LTV (loan to value)
when must PMI automatically be cancelled?
when the loan-to-value (LTV) reaches 78% or less of the original purchase price or appraised value of the home a the time the loans was obtain, whichever is less
when does the lender have to provide a disclosure to the homeowner at the settlement (closing) describing these cancellation rights?
at closing and annually
if the PMI has not been canceled or otherwise terminated, when will it end?
when the loan reaches the midpoint, for example, on a 30-year loan the midpoint is after 180 payments
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