Acts Flashcards
This act has eight protected classes.
Equal credit opportunity act
This act states that misrepresentations are prohibited in advertising of products.
Truth in lending act
This act was designed to help consumers become more informed shoppers.
Tila Respa integrated disclosures
This act requires the disclosure of the annual percentage rate/Effective rate.
Truth in lending act
These general disclosures must be kept for two years.
Truth in lending act
They have the authority to conduct investigations in deal with violations of complaints arising under the safe act.
State licensing agency/state regulatory authority
What act and section is triggered when:
When the annual percentage rate exceeds the average prime offer rate by more than 8.5% on second lien loans.
Home ownership in equity protection act, section 32
This rule prohibits entities, including a MLO’s from inquiring about an applicant’s or occupants sexual orientation or gender identity for the purpose of determining eligibility or otherwise making housing available.
Rule on equal access to housing
The Loan estimate belongs to which act?
Truth in lending act
Issues licenses to conduct business, including the authority to write rules or regulations or adopt procedures necessary for licensing.
State regulatory authority
This act was issued to prohibit false or misleading advertisement of mortgage products.
Mortgage acts and practices
What act and section is triggered when:
If the total fees charged exceed 5% of the total loan amount.
Home ownership and equity protection act, section 32
This act requires businesses to truncate credit/debit card receipts.
Fair and accurate credit transaction act
This act says initial disclosures must be received at or within three days of application.
Real estate settlement procedures act
This act is intended to help the government respond to potential terrorist threats and monitor suspicious activity.
US Patriot act
Title V of HERA
Secure and fair enforcement act
Regulation n
Mortgage acts and practices
This act prohibits “counselor” to reference for-profit mortgage broker or mortgage creditor.
Truth in lending act
This act was intended to help consumers fight identity theft.
Fair and accurate credit transaction act
Under the home ownership and equity protection act, this section has to do with high cost loans.
Section 32
This act says that creditors/lenders are prohibited from influencing an appraiser to miss-state the value of a drawing.
Truth in lending act
This act requires measures to secure and dispose of sensitive consumer credit information.
Fair and accurate credit transaction act
Under the real estate settlement procedures act, this section deals with mortgage servicers.
Section 6
Blockbusting steering and redlining are all parts of this act.
Fair housing act
Also known as financial services modernization act
Gramm Leach Bliley act
This act Must limit access to a credit file to only those with legitimate business need.
Fair credit reporting act
They ensure all state licensed mortgage loan officers are operating in the state are registered with the nationwide mortgage licensing system registry.
State regulatory authority
This helps to protect distressed homeowners from foreclosure prevention scams.
Mortgage assistance relief services
This act allows buyers to sue for three times (treble)all charges made for title insurance.
Real estate settlement procedures act
This act amended regulation V
Fair and accurate credit transaction act
Regulation V
Fair credit reporting act
This act sets minimum standards for verifying customer identity.
US patriot act
Establishes disclosure requirements.
Home ownership and equity protection act
When a loan product states it is being endorsed or sponsored by the government, when it really is not, this is a violation of what act?
Truth in lending act
Under the truth in lending act, this right states that it only takes one bar or persons for the loan to be canceled.
Three day right of rescission
This act allows consumers to place fraud alerts, password and/or a credit freezes.
Fair and accurate credit transaction act
This act says that if a consumer is denied due to an appraisal report, the lender has 30 days to provide appraisal report to consumer.
Equal credit opportunity act
Under home ownership and equity protection act, This section has to do with higher priced loans.
Section 35
List that is updated every three months nationally.
Do not call list
They can deny, suspend, condition or revoked license.
State regulatory authority
This act says that if an application is denied based on the appraisal report, the consumer has the right to request the appraisal report within 90 days of credit decision.
Equal credit opportunity act
According to this act, consumers have the rights to an adverse action notice.
Fair credit reporting act
According to this act, a consumer is someone who obtains a specific product or service for personal use, while a customer has an ongoing significant relationship.
Gramm Leach Bliley act
Under this act, creditors cannot consider age unless the applicant is under 18 or the applicant is at least 62 for a reverse mortgage.
Equal credit opportunity act
This act states that consumers are entitled to a free copy of their credit file, report, if:
Information resulted In adverse action (denial), They were a victim of identity theft with fraud alert, there was in accurate information as a result of fraud, on public assistance or unemployed
Fair credit reporting act
This act says the borrower has one year to sue.
Fair housing act
This act entitles everyone to a free credit report annually.
Fair and accurate credit transaction act
They regularly report violations, as well as enforcement actions to the nationwide mortgage licensing system registry.
State regulatory authority
Under the truth in lending act, this rate states that the creditor must return any money collected related to the loan within 20 calendar days, if the transaction was rescinded.
Three day right of rescission
Says that a contract for signature cannot be considered invalid or unforceable simply because it is in an electronic format
E sign act
This at deals with mortgage servicers. It addresses the servicers obligation to correct errors and work with homebuyers if payments are not being made.
Real estate settlement procedures act
Bans collecting fees until homeowners have except a bowl written offer from lender or servicer.
Mortgage assistance relief services
This act focuses on section 6, 8,9 and 10.
Real estate settlement procedures act
This act covers a 1-4 unit residential property.
Real estate settlement procedures act
This act says borrowers can request private mortgage insurance cancellation at 80% loan to value.
Homeowners protection act
Under this act, items with a no tolerance limit includes fees for services that the owners choose for themselves.
TRID
Under this act, examples of finance charges are: interest, time price differential, and any amount payable under an add-on or discount system of additional charges.
Truth in lending act
They provide effective supervision and enforcement of the law (suspension, termination, etc.) for a violation of state or federal law.
State regulatory authority
Says that in order for required documents to be sent to a consumer, solelyin in electronic format, the entity must first obtain the consumers consent.
E sign act
This act governs collection of non-public personal information and how it is shared.
Gramm Leach Bliley act
This act says a fact is material if knowledge of the truth would lead reasonable consumers to consider an alternative option in accomplishing their goals.
Mortgage acts and practices
This act deals with the credit, APR and advertising of consumer loans
Truth in lending act
This act applies to transactions that are payable by written agreement with more than four installments.
Truth in lending act
Safeguarding, pre-texting in financial privacy.
Gramm Leach Bliley act
This act was implemented to ensure accurate and fair credit reporting.
Fair credit reporting act
This act says that the only fee collected before disclosures is for credit reports.
Truth in lending act
Holds private mortgage brokers and companies accountable under federal fraud block
Fraud enforcement recovery act
What are 4 examples of third-party services that a borrower is not allowed to shop for, that has zero tolerance under TRID?
Appraisal report, credit report, tax service and flood certifications.
This act deals with mortgage broker services.
Real estate settlement procedures act
This act has the 3/7/3 rule
Mortgage disclosure improvement act
This act requires the “when your home is on the line booklet” for a HELOC/refinance.
Truth in lending act
This act has seven protected classes.
Fair housing act
Under TRID, what are the three items with a zero tolerance?
Origination fees, transfer taxes, and the cost of third-party services that the borrower is not allowed to shop for.
HUD posted this rule that fights against discrimination by ensuring that all HUD programs are open to eligible person regardless of sexual orientation, gender identity or marital status.
Rule on equal access to housing
This act helps define what is a complete application.
Tila Respa integrated disclosures
This requires financial institutions to file reports of cash transactions exceeding $10,000.
Bank secrecy act/anti-money laundering
Known as LO comp.
Mortgage loan originator compensation rule
Internal lists are updated every 30 days.
Do not call list
What act and section is triggered when:
The loan exceeds the average prime operates by 3.5% for a subordinate mortgage lien.
Home ownership and equity protection act, section 35
These disclosures must be retained for 25 months
Equal credit opportunity act
This act deals with timing of documents.
Real estate settlement procedures act
Home ownership and equity protection act, section 32
Hi cost loans
This act requires lenders or servicers to provide disclosures concerning private mortgage insurance on residential mortgage transactions.
Homeowners protection act
This act says that creditors cannot extend credit if improper coercion has occurred with the appraiser.
Truth in lending act
Makes it a felony to falsify loan documents
Fraud enforcement and recovery act
Amendment to the truth in lending act.
Home ownership and equity protection act
This prohibits advising consumers to just continue communication with lenders.
Mortgage assistance relief services
According to this act, Consumers have the right to a free copy of their consumer credit file/credit report.
Fair credit reporting act
This act states that credit reporting agencies may not report Outdated negative credit information:
Negative credit information more than seven years, bankruptcies more than 10 years, and the criminal conviction does not expire.
Fair credit reporting act
According to this act, consumers have the right to dispute incomplete or in accurate information on their credit report.
Fair credit reporting act
Loans under this act, cannot feature a balloon payment, negative amortization or a pre-payment penalty.
Home ownership and equity protection act
Under TRID, hazard insurance and title insurance have what percentage of tolerance Under the loan estimate tolerance guidelines?
No tolerance limit
The closing disclosure and finalized closing disclosure belong to which act?
Truth in lending act
This act requires loan activity reports.
Home mortgage disclosure act
This act requires lenders to file monthly reports regarding the ethnicity, race and sex of all applicants.
Home mortgage disclosure act
This act requires the establishment of anti-money laundering programs which are meant to identify and address financial crimes.
US patriot act
Regulation o
Mortgage assistance relief services
What act and section is triggered when:
The loan exceeds the average prime operates by 2.5% for a first lien jumbo loan.
Home ownership and equity protection act, section 35
Penalties for noncompliance is $10,000 for each individual action.
Equal credit opportunity act
According to this act, consumers have the right to limit prescreened offers.
Fair credit reporting act
This act states, when it comes to re-disclosures, borrowers must receive the corrected disclosures at least three business days before loan confirmation, if there is a significant APR variance.
Mortgage disclosure improvement act
This act says that creditors must notify applicants of their lending decision within 30 days of the filing of a complete application.
Equal credit opportunity act
A federal law that ensures that all consumers are given an equal chance to obtain credit.
Equal credit opportunity act
Under the truth in lending act, this right states that the borrower must receive two copies of a notice of right to resend.
Three day right of rescission
Under this act, penalties can be:
Up to $5000 per day for a single violation, $25,000 per day for a reckless violation, and $1 million per day for knowingly violating this act.
Truth in lending act
What act and section is triggered when:
The loan exceeds the average prime operates by 1.5% for a first mortgage lien.
Home ownership and equity protection act, section 35
Passed in order to address the validity of electronic signatures in the use of electronic disclosures.
E sign act
Regulation C
Home mortgage disclosure act
This act helps consumers become better shoppers for settlement services.
Real estate settlement procedures act
This act established a three day right of rescission in certain transactions.
Truth in lending act
This act states that any entity that uses a credit report or another type of consumer report to deny an application for credit, insurance, or employment, must provide the consumer with the name, address and phone number of the agency that provided that information.
Fair credit reporting act
Under the real estate settlement procedures act, this section allows buyers to sue for three times all charges made for title insurance.
Section 9
According to this act, there are four different time frames of when disclosures must be given out
Real estate settlement procedures act
Deals with discrimination in the sale/lease of property.
Fair housing act
I elation of this act as a penalty up to $10,000 and up to one year imprisonment.
Real estate settlement procedures act
The purpose of this act is to identify possible discriminatory lending patterns.
Home mortgage disclosure act
This act says that the loan estimate terms must be available for 10 business days.
TRID
This act requires financial institutions to take steps to prevent and the report cases of money laundering.
Bank secrecy act/anti-money laundering
Congress created this act to encourage financial institutions to help meet the credit needs of the communities in which they operate.
Community reinvestment act
This act prohibits discrimination against protected classes in the sale or lease of residential property.
Fair housing act
When an advertisement has missed leading claims of debt elimination, or misleading use of the current lender’s name, this is a violation of what act?
Truth in lending act
This act states that the earliest consumation will be on the seventh business day after disclosures are delivered/mailed.
Mortgage disclosure improvement act
This act deals with title insurance. This act states that lenders cannot require the buyer to use a specific title company as a condition of the sale.
Real estate settlement procedures act
Under this act, examples of finance charges or service, transaction, activity, and carrying charges. Also points, loan fees, assumption fees, find her fees in similar charges.
Truth in lending act
What act and section is triggered when:
The annual percentage rate exceeds the average prime offer rate by more than 6.5% on first lien loans of $50,000 or higher, or more than 8.5% on first lien loans of less than $50,000.
Home ownership and equity protection act, section 32
Regulation B
Equal credit opportunity act
This act states that there is a 10% tolerance on recording fees and fees to third-party service providers that the borrower is allowed to shop for.
TRID
This act covers services related to the origination, processing or federal mortgage loan funding.
Real estate settlement procedures act
Regulation X.
Real estate settlement procedures act
Regulation Z
Truth in lending act
This act does not cover all cash sales, rental property of more than four units, commercial property and property of 25 acres or more.
Real estate settlement procedures act
Under the truth in lending act, this rescission applies to primary residence on a home equity line of credit/refinance transaction. Does not apply to purchases
Three day right of rescission
Created by the Dodd – Frank act in the consumer finance protection act and combined rulemaking authority for the following:
OCC, 0TS, FDIC, federal reserve, NCUA, HUD, FTC
Consumer financial protection bureau
Sets requirements for businesses and other entities that want to provide mandatory documents to consumers in in electronic format rather than on paper.
E sign act
This act helps the consumer choose the best deal and avoid surprises at closing.
Tila Respa integrated disclosures
This act requires financial institutions to design and maintain safeguards to protect consumer data.
Gramm Leach Bliley act
The “mortgage disclosure improvement act” is under this act.
Truth in lending act
This act says that creditors/mortgage brokers are prohibited from influencing an appraiser to miss state the value of the dwelling.
Truth in lending act
This act says the closing disclosure is due three days prior to consummation.
Real estate settlement procedures act
This rule says that loan originator organizations must keep records of payments from a creditor, and to individual originators for three years.
Mortgage loan originator compensation rule
This act requires lenders to verify name, address and Social Security number of all applicants.
US patriot act
Under the truth in lending act, this right states the rescission starts the day after the documents are signed and the consumer may rescind the credit transaction until midnight of the third business day.
Three day right of rescission
Under the real estate settlement procedures act, this section deals with escrow accounts.
Section 10
According to this act, the only correct way to ask about marital status is, are you: married, unmarried, or separated.
Equal credit opportunity act
This act prohibits against dual compensation
Mortgage loan originator compensation rule
Deals with credit reporting agencies such as Equifax/Trans Union/experience.
Fair credit reporting act
Under the real estate settlement procedures act, this section prohibits kickbacks, fee splitting, and an earned fees.
Section 8
Under the real estate settlement procedures act, this section deals with title insurance.
Section 9
This act states that closing costs greater than the loan estimate or not made in good faith, it also states that closing costs less than loan estimate equals acted in good faith.
TRID
Prohibits deceptive and unfair practices in lending
Home ownership and equity protection act
This act says private mortgage insurance is auto canceled at 78% loan to value if borrower is current.
Homeowners protection act
Establishes requirements for loans with high interest rates and/or fees.
Home ownership and equity protection act
According to this act, a loan originator cannot ask questions regarding whether or not the borrower plans on having more kids in the future.
Equal credit opportunity act
This act protects consumers from individuals and companies that obtain their personal financial information under false, fictitious or fraudulent pretenses
Gramm Leach Bliley act
This act says a protected class is a class of individuals that cannot be used as a source of discrimination/denial when approving a credit application.
Equal credit opportunity act
This act says that if an application is approved, borrowers should receive the appraisal no later than three business days prior to the close of the first lien loan.
Equal credit opportunity act
This act prohibits creditors from compensating mortgage loan officers based on the loans interest rate or other terms.
Mortgage loan originator compensation rule
Home ownership and equity protection act, section 35.
Higher-priced loans
This act sets limits on how much a borrower is required to put into escrow.
Real estate settlement procedures act
This act governs trigger terms.
Truth in lending act
This act has to do with the title services.
Real estate settlement procedures act
The purpose is to promote financial stability through accountability and transparency.
Consumer financial protection bureau
Parent act to the safe act.
Housing and economic recovery act
Deals with discrimination in lending.
Equal credit opportunity act
This act was designed to help consumers understand their options.
Tila Respa integrated disclosures
This act requires lenders to disclose the complete cost of credit.
Truth in lending act
They have access to records in May interview the mortgage loan officers in the lead in person is concerning their business.
State regulatory authority
According to this act, consumers have the right to request their credit score.
Fair credit reporting act
Federal trade commission red flags rule a.k.a. identity theft rules a.k.a. section 114 rules.
Fair and accurate credit transaction act
This act states that civil action may be filed for violations for up to 24 months if a consumer believes his rights under this act have been violated.
Equal credit opportunity act
You’re the truth in lending act, this rate states the consumers may re-send the credit transaction until midnight of the third business day.
Three day right of rescission.
