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31 Cards in this Set

  • Front
  • Back
What is the Federal Reserves Board regulation Z?
Federal Truth In Lending Law
Who enfoces Reg. Z?
Federal Trade Commission
What are the 2 purposes of RegZ?
1 Inform consumers of the total cost of credit
2 Allow consumers to compare credit terms
T or F Does regZ set interest rates?
False
who must comply with reg Z?
1 Creditors
2 Arrangers of credit
3 Consumer credit
4 all residential real and personal property loans
4 types of financing that need not comply with reg z.
1 Buisness loans
2 commercial loans (over 4 units are considered commercial)
3 Loans with 4 or fewer installments
4 Loans with no finance charges
The lender must provide the borrower a ______ _______ no later than when the lender makes a loan commitment.
Disclosure Statement
What 2 things are the most important disclosures?
1 Finance charges
2 APR
when the customer has a limited right to rescind the credit transaction, what is this called?
Rescission
Rescission is the right given to protect HO from unscrupolous businesses who secure credit by __________ for home improvements, furniture, appliances, et.
taking a second mortgage on the customer's home
In a rescission the borrower has the right to cancel the loan by ______ of the ________ following signing the note.
midnight
3rd business day
What purchases does not apply to rescission?
construction loans
loans for the acquistion of real estate
What purchase does apply to rescission?
loans to purchase residential lots
all forms of real estate advertising of credit terms are ______.
regulated
Only the ____ ____ and/or the _____ may be advertised alone.
cash price
APR
name 5 "trigger terms"
down paymt
amt of any paymt
finance chg in dollars
number in installments
paymt period
Use of any _______ terms requires full disclosure of other credit terms.
trigger
name 3 disclosure terms
down payment
repayment terms
APR
_____ terms are allowed w/o having to disclose the other financing terms.
general
name 4 general terms
low interest rate
low down payment
FHA & VA financing available
Fast loan approval
What type of term is this?

down payment
trigger
What type of term is this?

amount of any payment
trigger
What type of term is this?

finance charge in dollars
trigger
What type of term is this?

number of installments
trigger
What type of term is this?

payment period
trigger
What type of term is this?

down payment
disclosure
What type of term is this?

repayment terms
disclosure
What type of term is this?

APR
disclosure
What type of term is this?

low interest rate
general
What type of term is this?

FHA & VA financing available
general
What type of term is this?

Fast loan approval
general