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Cards In This Set
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According to RESPA (Real Estate Settlement Procedures Act, Reg X), a lender making a loan with escrow included is able to collect a maximum cushion of how many months at closing?
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Two
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A borrower has a three-year right of rescission if the true APR on a fixed rate loan deviates from the final TIL (Truth In Lending, Reg Z) by more than?
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1/8
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A lender has how many days to notify the borrower of an underwriting decision?
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30
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A loan’s APR must be disclosed to the consumer on the?
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A Mortgage Servicing Disclosure Statement is required by what law?
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A state law that requires payment of interest on an escrow account
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Consistent with RESPA (Reg X) and could therefore be enforced by the state.
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ABC Mortgage Company has been accused of inappropriately calling four consumers on the National Do Not Call Registry. What is the total maximum fine ABC could incur for this?
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$44,000
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According to ECOA (Equal Credit Opportunity Act, Reg B) law, the loan officer is considered to have taken an application when
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Loan officer has gathered enough information to make a decision
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According to HMDA (Home Mortgage Disclosure Act, Reg C), a first mortgage will be considered a subprime loan when the difference between the annual percentage rate and the rate spread is greater than?
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3%
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According to HMDA (Home Mortgage Disclosure Act, Reg C), what must be forwarded to the regulator by March 1 of each year?
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Loan/Application Register
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According to RESPA (Real Estate Settlement Procedures Act, Reg X), an Affiliated Business Arrangement (AfBA) disclosure must be provided?
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At or prior to the time a referral is made, if there is an AfBA.
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According to the ECOA (Equal Credit Opportunity Act, Reg B), an adverse action notice is NOT required to include the?
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Appraiser’s name
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According to the FACT Act (Fair and Accurate Transaction Act), which of these could be considered a failure to secure private information?
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Throwing documents into the trash for the cleaning crew to empty nightly
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According to the FACT Act (Fair and Accurate Transaction Act), which situation would NOT be a reason for a consumer to add an ID alert to a credit report?
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A woman who changes her name after a divorce
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According to the Fair Credit Reporting Act (FCRA), if adverse action is taken against a credit applicant because of information on a credit report, the lender who used that report is required to?
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Provide to the consumer the name, address, and telephone number of the consumer reporting agency that furnished the report
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