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28 Cards in this Set
- Front
- Back
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When must a Notice of Action Taken be provided to a borrower?
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Who can apply to be a licensed loan originator?
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Where is the Annual Percentage Rate (APR) disclosed to the borrower?
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How is dwelling defined under TILA?
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RESPA is otherwise known as?
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What does SAFE stand for?
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TILA is otherwise known as?
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How many hours of pre-licensing education is required by SAFE in order to become a licensed loan originator?
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ECOA is otherwise known as?
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How many hours of continuing education is required by SAFE in order to renew a loan originator license?
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HMDA is otherwise known as?
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Approved instructors conducting continuing education courses can receive how many credits for teaching 1 hour?
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Who is covered by ECOA?
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What are serveral third party settlement service providers?
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Who oversees RESPA?
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An Affiliated Business Arrangement is required at what percentage of ownership?
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Which disclosures are due to a borrower within 3 business days?
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When is the ABA due to a client?
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Which document is due to the borrower at the time of referral to a settlement service provider?
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Which documents need to be kept for 5 years under RESPA?
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What is the difference between HUD-1 and HUD-1A?
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How long does a loan originator have to cure mistakes on the GFE or HUD-1?
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What is a business day?
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What is the limit on an escrow account cushion?
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Which section of RESPA deals with a borrower's escrow account?
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What is the fine for an intentional violation of Section 10 of RESPA?
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Which type of transaction requires a Settlement Cost Booklet?
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When is YSP beneficial to the borrower?
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What is the penalty for a violation of Section 8 of RESPA?
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TILA does not regulate which types of loans?
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Which type of mortgage loan requires a CHARM?
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What is a trigger term?
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Which law did TILA stem from?
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What are examples of trigger terms?
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Who oversees TILA, ECOA, and HMDA?
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On the TIL, charges may not be understated by more than?
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Which section of RESPA deals with the servicing of a mortgage loan?
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When must a potential borrower accept the GFE for the lender's offer to be valid?
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What is the purpose of HMDA?
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When must the GFE be re-disclosed if there are changes to it?
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What is the purpose of FCRA?
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At settlement, which charges cannot exceed those listed on the GFE?
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FACTA is a provision of which federal law?
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Which document can the buyer's and seller's costs be found?
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When is the Notice of Right to Rescind due to a borrower?
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When must the TIL be re-disclosed?
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What is the purpose of the Mortgage Disclosure Improvement Act (MDIA)?
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Which types of loans are excluded from the definition of "high-cost" under HOEPA?
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Which law protects against predatory lending practices related to high cost loans?
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What is the limit on prepayment penalties under HOEPA?
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HOEPA is which section of TILA?
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A privacy notice to customers is required under which Act?
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What type of loans are exempt from the regulations of HOEPA?
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What is the meaning of "permissible purpose"?
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The Red Flags Rule was created under which Act?
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