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11 Cards in this Set

  • Front
  • Back
Fair Housing Act
- first of the fair lending regulations; enacted as part of the Civil Rights Act 1968
-to prohibit discrimination in all phases of housing sales, financing on the basis of race, color, national origin, religion, sex etc
- involves a mortgage lender stating that it does not lend in certain geographic areas primarily inhabited by a protected class
Equal Credit Opportunity Act
-2nd of the fair lending laws; part of the federal Consumer Protection Act (regulation B); refers to advertising, inquiries, taking applications,credit decisions/notification
Truth in Lending
- Consumer Credit Protection Act; Title I; purpose was to provide consumers with an easily understandable means of comparing the credit offers of various lenders
Real Estate Settlement Procedures Act
- enacted to ensure that consumers are provided with full disclosure of the costs involved in the real estate settlement process; applies to Federally related mortgage loans; Regulation X
Home Mortgage Disclosure Act
- intended to permit regulators and the public to determine whether certain depository institutions and mortgage companies are meeting the housing needs of their communities by reviwing lending registers
Homeowners Protection Act
-cancellation/termination provisions apply to loans originated on or after 7/29/99 w/borrower paid mortgage insurance (MI); mortgage loans entered into before that date may also have the mortgage insurance cancelled, but process is different
Fair Credit Reporting Act
- to regulate the activities of consumer reporting agencies and users of consumer credit reports
Community Reinvestment Act
-to encourage commercial banks,savings banks, and savings associations to meet the borrowing needs of their local community (does not apply to credit unions)
Fair Debt Collection Practices Act
-enacted to eliminate abusive, deceptive and unfair debt collection practices; applies only to the collection of consumer debt (including real estate)
Flood Disaster Protection Act
- passed to reduce flood relief assistance expenditures made by government; all mortgage lenders are covered by the FDPA; applies to all loans