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10 Cards in this Set
- Front
- Back
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What is RESPA |
The Real Estate Settlement Procedures Act (RESPA) the purposes of RESPA is to help consumers become better shoppers for settlement services and.
REG X |
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What type of loans do not apply to RESPA |
-25 acres or more -business, commercial or agricultural -bridge loans -vacant lot when no proceeds will be used to construct a residence -assumptions -sale of loan into secondary market - loan conversions |
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RESPA Violations |
Things of value, agreements or understandings, Fee-Splitting, kickbacks, markups. |
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Affiliated Business Arrangement (ABA) |
When a service provider has a business relationship or ownership interest in another service provider. |
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ECOA |
Equal Credit Opportunity Act ECOA makes is unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex & marital status. Reg B (BBBBfair) |
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CFPB |
The Consumer Financial Protection Bureau(CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. **Was established to prevent predatory mortgage lending and make is easier for consumers to understand the terms of a mortgage before finalizing the paperwork. |
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Dodd-Frank Act |
Its major purpose is to: ~make the financial system more transparent & accountable ~prevent institutions from becoming too big to fail ~end government bailouts funded by taxpayers ~end risky and abusive financial services practices |
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HOEPA |
Home Ownership and Equity Protection Act ~predatory lending for high cost loans. ~sent to borrower within 3 business days |
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TILA |
The Truth in Lending Act (TILA) is designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. |
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HPML |
High Priced Mortgage Loan |
