Regulation X, Regulation Z, And Regulation B Testing
This quiz will help FPF management to verify that you have a full understanding of our requirements under RESPA/Regulation X, TIL/Regulation Z, and ECOA/Regulation B.
- 1.Per FPF Policy and Regulation X/Regulation Z, what is the formalized time period for initial disclosure?
- A.
3 business days after talking to consumer
- B.
7 business days after receiving a completed application
- C.
3 business days after the 6 items of a completed application have been received
- D.
30 days after the 6 items of a completed application have been received
- 2.Per FPF policy, what constitutes a need to redisclose? Choose all that apply.
- A.
When the loan is locked.
- B.
When you change lenders.
- C.
When you switch from banking to brokering.
- D.
When the loan terms have changed.
- E.
When the APR has increased or decreased by .125%
- 3.What does COC stand for?
- A.
Clear to Close
- B.
Change of Circumstance
- C.
Cash to Close
- D.
Change of Closing
- 4.What is a COC (Change of Circumstance)? Check all that apply.
- A.
A change in loan amount
- B.
Going from broker to banker
- C.
Change of loan type or program
- D.
Change of income due to inability to verify income provided or income shows a different amount
- E.
Appraised value is different than estimated value that changes the terms of the loan.
- F.
Additional service is necessary based on additional title report
- 5.Per FPF policy, when is a COC required to be issued? Choose all that apply.
- A.
When the lock has to be extended
- B.
Within 3 days of whenever the consumer has been represented a change in loan terms, verbally or otherwise
- C.
When rates drop more than .500%
- D.
Whenever a loan is counter offered to the consumer with different terms than originally represented
- 6.Do the completed application requirements for Reg X/Reg Z apply to Reg B?
- A.
Yes, they all have the same application requirements.
- B.
No, according to Reg B there are more requirements to constitute a complete application.
- 7.Where can you find the complete application requirements (per FPF policy)
- A.
In the FPF Training Center
- B.
On the CFPB website
- C.
The "Working Together" form found in Encompass
- 8.What does NOI stand for?
- A.
Notice of Incompleteness
- B.
Notice of Incompetence
- C.
Notice of Illegitimacy
- 9.In what circumstances would you issue an NOI?
- A.
When the underwriter issues conditions.
- B.
When items needed from the consumer to complete application as defined by the creditor are missing or insufficient.
- C.
When the applicant withdraws the loan file.
- 10.What are the components of the NOI? Check all that apply
- A.
A request for all items remaining to complete an application for credit
- B.
2 years paystubs and W-2s or two years tax returns
- C.
A stated reasonable period of time for the consumer to deliver the missing or insufficient items
- D.
A decline of the terms in which the applicant applied for but an offer to extend credit at new term
- E.
A notice that failure to get those items will result in no further obligations of the creditor
- 11.What obligations does a creditor have if a consumer fails to deliver the requested items in the stated reasonable period of time.
- A.
Creditor must provide the borrower with a new TIL.
- B.
Creditor must give the borrower a 45 day extension.
- C.
The creditor has no obligation.
- 12.How many calendar days does a creditor have to issue a credit decision after receipt of a complete application
- A.
15 Days
- B.
30 days
- C.
45 days
- D.
60 days
- 13.What 3 types of credit decisions may be issued by the creditor? Check all that apply
- A.
Approved
- B.
Withdrawn
- C.
Suspended
- D.
Declined
- E.
Counteroffer
- 14.What does NOAT stand for?
- A.
Notice of Appraisal Taxes
- B.
Notice of Action Taken
- C.
Notice of Appropriate Timeframes
- 15.At what point must an NOAT be issued? Check all that apply
- A.
Upon loan submission
- B.
Upon loan denial
- C.
Upon loan withdrawal
- D.
When the appraisal is received
- E.
When the loan interest rate is locked
- F.
When issuing a counteroffer
- 16.The components of a counteroffer consist of a decline of the terms in which the applicant applied for but an offer to extend credit at new terms.
- A.
True
- B.
False
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