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10 Cards in this Set

  • Front
  • Back
What does ECOA prohibit discrimination against?
sex, age, marital status, race, color, religion, national origin, receipt of public assistance, exercised rights under the Consumer Credit Protection Act
How far should comparable properties be in the appraisal market approach?
within one mile
What is loan suitability?
a term that refers to the matching of loan programs with the current financial circumstance of the borrower
What is APR?
Annual Percentage Rate

tells the borrower the total cost of financing a loan in percentage terms, as a relationship of the total finance charges to the total amount financed. it includes not just the interest rate on the note, but the total cost of the loan, including all other finance charges spread out over the life of the loan.
When must an applicant receive an adverse action notice if they do not qualify for a loan?
within 30 days
What is an aggregate escrow analysis used for?
to make sure there are no escrow overages; to ensure that borrowers are not being forced to maintain any surplus over the allowed two month cushion
What does Section 8 of RESPA state?
it is prohibited for a mortgage professional to give or accept any sort of referral or kickback fee
What agency is responsible for creating the regulations for TILA?
The Federal Reserve
What does LIBOR stand for and what is it's relation to mortgages?
London Interbank Offered Rate

it is one of the main methods of determining ARM adjustments

What is a re-conveyance clause?

it removes the lien on a property once the loan is paid off in full