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Terms in this set (52)
TILA is regulation ...
RESPA is regulation ...
Section 6 of RESPA ...
servicing: protects homeowners against mortgage servicing abuses
Section 8 of RESPA ...
prohibits kickbacks, fee splitting and unearned fees
Section 9 of RESPA ...
states that the seller cannot require the use of a particular title company
Section 10 of RESPA ...
identifies amounts that can be charged to maintain escrow accounts
penalty for violating RESPA
up to $10,000 and up to 1 year in prison
who enforces RESPA?
who enforces TILA?
who does RESPA cover?
1-4 unit residential properties
TILA protects who? by disclosing what?
the consumers by disclosing the costs and terms of credit
what LAWS cover advertising?
the ONLY fee that can be collected prior to disclosures?
credit report fee
who requires that APR be disclosed to consumers?
when provided, the LE must be good for how many days?
the initial CD must be delivered _____ to closing
3 business days prior
who established the 3 day right of recission?
how many borrowers does it take to rescind a loan?
creditor must return any money collected related to the loan within how many days?
20 calendar days
general TILA disclosures must be kept for ____ years
loan estimate must be kept for ____ years
closing disclosure must be kept for ____ years
records related to loan originator compensation must be kept for _____ years
documents related to APR must be kept for ____ years
APR can also be called...
what is needed for closing? (acronym)
APR is considered accurate for a regular transaction if it does not vary by more than ...
APR is considered accurate for an irregular transaction if it does not vary by more than ...
what is the preferred DTI % for ATR rule?
cannot exceed 43%
qualifying DTI % is?
who gets the 'safe harbor' and in what mortgage?
the lender gets it in a qualified mortgage
mortgage disclosure improvement act
average prime offer rate
HOEPA, section 32 is for high _____ loans
HOEPA, section 35 is for high ____ loans
Regulation X defines an application to be complete with what information
A- address of home for loan
L- loan amount
I- income (monthly)
E- estimated value
+ other info deemed necessary
what is a valid COC?
-changes in loan APR
-change in loan product
-addition of prepayment penalty
REPSA does not cover?
all cash sales, rental property of 4+ units, commercial property and agriculture
how long is the new waiting period following a COC?
ABA (affiliated business arrangement) is required by who
special information booklet is required by who
which law prohibits lenders asking about alimony or child support?
the LE is made up of...
GFE and Initial TILA Disclosure
CD is made up of...
HUD1 and Final TILA Disclosure
what is the only fee that can be collected prior to closing?
credit report fee
what is the penalty for violating FACTA?
fine up to $5,000 and up to 1 year in prison, or BOTH
a consumer is...
someone who obtains a specific product
a customer is...
someone who has an ongoing significant relationship with a business
who requires anti money laundering programs
what is the name of the website for the do not call registry?
what is the penalty for violating ECOA?
$10,000 per violation
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