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29 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Equal Credit Opportunity Act-ECOA |
Regulation B- administered by CFPB |
ECOA |
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Home Mortgage Disclosure Act-HMDA |
Regulation C-administered by CFPB, FRB and others |
HMDA |
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SAFE ACT- Federal Registration of MLO's |
Regulation G |
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SAFE ACT- State Compliance |
Regulation H |
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Mortgage Acts and Practices |
Regulation N |
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Mortgage Assistance Relief Services |
Regulation O |
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Gramm-Leach- Bliley Act |
Regulation P |
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Fair Credit Reporting Act-FACTA |
Regulation V- administered by FTC and other federal agencies |
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Real Estate Settlement Procedures Act-RESPA |
Regulation X-administered by CFPB |
RESPA |
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Truth in Lending Act-TILA |
Regulation Z-administered by CFPB and FTC |
TILA |
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Passed in 1974 by Congress, originally enforced by the US Department of Housing and Urban Development. Now enforced by the CFPB. |
Real Estate Settlement Procedures Act, Regulation X |
RESPA, Reg X |
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The purposes of RESPA |
To enable consumers to shop for settlement services, to prohibit kickbacks, referral fees and finders fees, place limits on escrow fees, prohibit sellers from requiring a certain title company as a condition of the purchase. |
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RESPA applies to |
"Federally related mortgage loans" on 1-4 unit residential properties. |
Mortgages insured or guaranteed by the Federal government. |
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Loans not covered by RESPA |
Cash purchases, seller financed, short term loans, business, commercial or agricultural purposes, vacant land, parcels of 25 acres or more. |
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Special Information Booklet and Loan Estimate |
At the time of the loan application, must be provided within 3 business days of receipt of the application. |
Only exception to the requirement is if the lender rejects the loan application within 3 business days. |
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Immediate Disclosure |
Affiliated Business Arrangement (AfBA) disclosure form. |
"Affiliated" means that they are under common ownership, or that they are under common ownership, or that the firm owns 1% or more of the company being referred to the borrower. |
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Closing Disclosure |
3 Business days Before Loan Consummation |
In most states is the settlement date |
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At Settlement Date |
Borrower must be provided with the Initial Escrow Statement and Seller must be given the Closing Disclosure. |
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Disclosure after the Settlement Date |
Annual Escrow Statement to the borrower detailing all deposits to the accounts and payments made from the account, and the balance of the account. |
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Prohibitions Against Kickbacks and Referral Fees |
No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person. |
Prohibited by RESPA (Regulation X) |
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Exception for Fee for Service |
Compensation must be a flat fee not based on a percentage, cannot be contingent on successful closing of a particular transaction; and the compensation cannot exceed the market value of the service performed. |
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Early Intervention |
Loan services must contact a delinquent borrower no later than the 36th day after the delinquency. |
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Loss mitigation efforts |
Loan Servicers must send the borrower information regarding the availability and required procedure not later than the 45th day after the delinquency. |
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Truth in Lending Act |
Was enacted in 1968 as part of the Consumer Credit Protection Act and was implemented by the Federal Reserve System through Regulation Z |
TILA |
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TILA would NOT apply to... |
Loans to other than natural persons, loans for business, commercial or agricultural purposes; or personal loans in excess of $25,000 which are not secured by Real property. |
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Key TILA Terms |
Nominal interest rate; Loan points or discount points; finance charges, amount financed and APR. |
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TILA Trigger Terms |
*the amount of percentage of any down payment (other than "no down payment") *the number of payments or the period of payments *the amount of any payment *the amount of any finance charge |
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Non trigger terms |
*No down payment *FHA loans available *Attractive financing available *No closing costs |
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Seven years |
A record of late payment must be removed from a consumer's credit report after: |
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