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11 Cards in this Set
- Front
- Back
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Fair Housing Act
(FHA) |
- 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 |
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Redlining
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- involves a mortgage lender stating that it does not lend in certain geographic areas primarily inhabited by a protected class
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Equal Credit Opportunity Act
(ECOA) |
-2nd of the fair lending laws; part of the federal Consumer Protection Act (regulation B); refers to advertising, inquiries, taking applications,credit decisions/notification
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Truth in Lending
(TIL) |
- Consumer Credit Protection Act; Title I; purpose was to provide consumers with an easily understandable means of comparing the credit offers of various lenders
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Real Estate Settlement Procedures Act
(RESPA) |
- 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
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Home Mortgage Disclosure Act
(HMDA) |
- 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
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Homeowners Protection Act
(HPA) |
-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
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Fair Credit Reporting Act
(FCRA) |
- to regulate the activities of consumer reporting agencies and users of consumer credit reports
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Community Reinvestment Act
(CRA) |
-to encourage commercial banks,savings banks, and savings associations to meet the borrowing needs of their local community (does not apply to credit unions)
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Fair Debt Collection Practices Act
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-enacted to eliminate abusive, deceptive and unfair debt collection practices; applies only to the collection of consumer debt (including real estate)
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Flood Disaster Protection Act
(FDPA) |
- passed to reduce flood relief assistance expenditures made by government; all mortgage lenders are covered by the FDPA; applies to all loans
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