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MLO Exam > Acronyms > Flashcards

Acronyms Flashcards

1
Q

NMLS or NMLSR

A

Nationwide Mortgage Licensing System and Registry.

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2
Q

SAFE

A

Secure and Fair Enforcement for Mortgage Licensing Act

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3
Q

RESPA

A

Real Estate Settlement Procedures Act

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4
Q

CFPB

A

Consumer Financial Protection Bureau.

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5
Q

CSBS

A

Conference of State Bank Supervisors .

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6
Q

AARMR

A

American Association of Residential Mortgage Regulators.

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7
Q

TILA

A

Truth in Lending Act

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8
Q

AfBA

A

Affiliated Business Arrangement Disclosure Statement.

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9
Q

ECOA

A

Equal Credit Opportunity Act (Reg B)

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10
Q

HMDA

A

Home Mortgage Disclosure Act

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11
Q

TCPA

A

Telephone Consumer Protection Act.

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12
Q

GLBA

A

Gramm-Leach- Bliley Act.

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13
Q

FACTA

A

Fair and Accurate Credit Transactions Act.

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14
Q

FCRA

A

Fair Credit Reporting Act (Reg V)

Establishes requirements for credit reporting and creditworthiness of applicants.

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15
Q

E-Sign

A

Electronic Signature in Global and National Commerce Act.

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16
Q

LTV

A

Loan to Value Ratio

17
Q

CLTV

A

Combined Loan to Value Ratio

18
Q

HCLTV

A

High Combined Loan to Value Ratio (Same as TLTV)

19
Q

TLTV

A

Total Loan to Value Ratio (Same as HCLTV)

20
Q

HELOC

A

Home Equity Line of Credit

21
Q

APOR

A

Average Prime Offer Rate

22
Q

MARS

A

Mortgage Assistance Relief Services Rule

23
Q

BSA

A

Bank Secrecy Act

24
Q

GNMA

A

Government National Mortgage Association (Ginnie Mae- 1968)

25
Q

HPA

A

Homeowners Protection Act

26
Q

FNMA

A

The Federal National Mortgage Association (Fannie Mae- 1938)

27
Q

USPAP

A

Uniform Standards of Professional Appraisal Practice

28
Q

CRV

A

Certificate of Reasonable Value (VA Appraisal)

29
Q

HOEPA

A

Home Ownership and Equity Protection Act.

Requires specific disclosures on loans with APR’s more than 6.5 percentage points on first liens, and more than 8.5 percentage points on subsequent liens, above the average prime offer rate.

30
Q

LIBOR

A

London Interbank Offered Rate Index

31
Q

COFI

A

Cost of Funds Index

COFI is the acronym for the 11th District Monthly Weighted Average Cost of Funds Index. The COFI is computed from the actual interest expenses on savings and borrowings reported for a given month by Arizona, California and Nevada savings institutions that are members of the Federal Home Loan Bank of San Francisco.

32
Q

CMT

A

One Year Constant Maturity Treasury Rate

33
Q

LLPA

A

Loan Level Price Adjustment

34
Q

FHLMC

A

Federal Home Loan Mortgage Corporation (Freddie Mac- 1970)

35
Q

HECM

A

Home Equity Conversion Mortgage

36
Q

HOEPA

A

Home Ownership and Equity Protection Act
(1994)
Amended the TILA by adding disclosure requirements for high-rate, high-fee loans

37
Q

HMDA

A

Home Mortgage Disclosure Act (Reg C)

MLO Exam (2 decks)

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