Regulation X, Regulation Z, And Regulation B Testing

16 Questions

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Regulation Quizzes & Trivia

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.


Questions and Answers
  • 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