Nmls Safe Acronyms

Front 1

TILA

Back 1

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

Front 2

HMDA

Back 2

Home Mortgage Disclosure ACT

- identifies possible discriminatory lending

-redlining

-completion of section X on race, demo

Front 3

RESPA

Back 3

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

Front 4

CFPB

Back 4

Consumer Financial Protection Bureau

Front 5

GFE

Back 5

Good Faith Estimate

-3 days disclosure

Front 6

HPA

Back 6

Homeowners Protection Act

-allows PMI cancellation when LTV reaches 80

-enforce by CFPB

Front 7

ECOA

Back 7

Equal Credit Opportunity Act

aka EBOLA

-ensure equal chance to obtain credit

-decision in 30 days

-prohibits discrimination (child support, age, creed, etc)

Front 8

FCRA

Back 8

Fair Credit Reporting Act

aka fi'cra = Vi'cra

-gives consumers access to personal info used to base decisions

-dispute credit reports

Front 9

FACT

Back 9

Fair and Accurate Credit Transition Act

-helps consumers fight identity theft

Front 10

Gramm-Leach-Bliley Act

Back 10

-allows opt out of sharing info

-Safeguard rule: requires institutions to protect info while in custody of it

Front 11

National Do Not Call Registry

Back 11

-up to $16K fine per violation

Front 12

U.S. Patriot Act

Back 12

- stop financing terrorists

Front 13

Civil Rights Act, 1866

Back 13

no racial discrimination

Front 14

Fair Housing Act, 1968

Back 14

no demographic or value discremination

Front 15

CRA

Back 15

Community Reinvestment Act

-encourage financial institutions to meet the needs of their community

Front 16

SAFE Act

Back 16

Secure and Fair Enforcement Act

-establishes minimum standards for state licensed los and registered los

-8 hours of renewal education

-NMLS number

Front 17

HERA

Back 17

Housing Economic Recovery Act

-always has to do with SAFE Act

Front 18

HUD1

Back 18

itemizes all charges for borrower and seller

Front 19

HOEPA

Back 19

Homeowner and Equity Protection Act

-can't charge more than 8% in fees

-amends TILA

Front 20

Registered v State licensed

Back 20

Registered work for a depository institution (FDIC), don't require full license

Licensed don't work for a depository institution

Front 21

Pre Education Requirements

Back 21

Federal law 3hrs

Ethics 3hrs

non-traditional 2hrs

electives 12hrs

Front 22

Continuing Education

Back 22

*8hrs

-federal 3hrs

-ethics 2hrs

-non-traditional 2hrs

-electives 1hr

Front 23

USDA

Back 23

100% of purchase

only rural

Front 24

ARM

Back 24

Adjustable Rate Mortgage

-determined by market:

LIBOR

US Treasury Bills

COFI

Front 25

RAM

Back 25

Reverse Annuity Mortgage

aka HECM

-62yrs old+

-no income or credit required

Front 26

HECM

Back 26

Home Equity Conversion Mortgage

aka RAM

Front 27

MARS

Back 27

Mortgage Assistance Relief Services

-loan modification

Front 28

Saturday

Back 28

is a business day

Front 29

HELOC

Back 29

Home Equity Line of Credit

Front 30

FHA

Back 30

Federal Housing Act

-31% / 43% DTI

31 front-end PITIA

43 back end all encompassing of personal expense

Front 31

Alienation

Back 31

if they sell or transfer