Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
31 Cards in this Set
- Front
- Back
TILA |
Truth Z Lending Act - 3/7/3 rule, initial disclosure(3), close(7), 3days for consummation if redisclosure -has to do with advertising and disclose key terms to cost 3 days -CHARM - consumer handbook on ARMs |
|
HMDA |
Home Mortgage Disclosure ACT - identifies possible discriminatory lending -redlining -completion of section X on race, demo |
|
RESPA |
Real Estate Settlement Procedures Act aka REXPA -financial disclosures -protects borrowers by educating on loan terms -gfe 3 days -HUD-1 within 1bus day -enforced by CFPB |
|
CFPB |
Consumer Financial Protection Bureau |
|
GFE |
Good Faith Estimate -3 days disclosure |
|
HPA |
Homeowners Protection Act -allows PMI cancellation when LTV reaches 80 -enforce by CFPB |
|
ECOA |
Equal Credit Opportunity Act aka EBOLA -ensure equal chance to obtain credit -decision in 30 days -prohibits discrimination (child support, age, creed, etc) |
|
FCRA |
Fair Credit Reporting Act aka fi'cra = Vi'cra -gives consumers access to personal info used to base decisions -dispute credit reports |
|
FACT |
Fair and Accurate Credit Transition Act -helps consumers fight identity theft
|
|
Gramm-Leach-Bliley Act |
-allows opt out of sharing info -Safeguard rule: requires institutions to protect info while in custody of it |
|
National Do Not Call Registry |
-up to $16K fine per violation |
|
U.S. Patriot Act |
- stop financing terrorists |
|
Civil Rights Act, 1866 |
no racial discrimination
|
|
Fair Housing Act, 1968 |
no demographic or value discremination |
|
CRA |
Community Reinvestment Act -encourage financial institutions to meet the needs of their community |
|
SAFE Act |
Secure and Fair Enforcement Act -establishes minimum standards for state licensed los and registered los -8 hours of renewal education -NMLS number |
|
HERA |
Housing Economic Recovery Act -always has to do with SAFE Act |
|
HUD1 |
itemizes all charges for borrower and seller |
|
HOEPA |
Homeowner and Equity Protection Act -can't charge more than 8% in fees -amends TILA
|
|
Registered v State licensed |
Registered work for a depository institution (FDIC), don't require full license Licensed don't work for a depository institution |
|
Pre Education Requirements |
Federal law 3hrs Ethics 3hrs non-traditional 2hrs electives 12hrs |
|
Continuing Education |
*8hrs -federal 3hrs -ethics 2hrs -non-traditional 2hrs -electives 1hr |
|
USDA |
100% of purchase only rural |
|
ARM |
Adjustable Rate Mortgage -determined by market: LIBOR US Treasury Bills COFI |
|
RAM |
Reverse Annuity Mortgage aka HECM -62yrs old+ -no income or credit required |
|
HECM |
Home Equity Conversion Mortgage aka RAM |
|
MARS |
Mortgage Assistance Relief Services -loan modification |
|
Saturday |
is a business day |
|
HELOC |
Home Equity Line of Credit |
|
FHA |
Federal Housing Act -31% / 43% DTI
31 front-end PITIA
43 back end all encompassing of personal expense
|
|
Alienation |
if they sell or transfer |