Affinity Power points

Question 1

If the application for credit is denied based on the Appraisal- under ECOA (Reg B) says borrower has ____ days to request a copy and Lender has ____ days to deliver

Answer 1

Borrower has 90 days to request a copy/Lender has 30 days deliver

Question 2

What regulations are discrimination and who created and enforces them?

Answer 2

ECOA-Reg. B - FRB - CFPB (FTC)

HMDA Reg. C - FRB - CFPB

Question 3

What regulations are disclosures and who created and enforces them?

Answer 3

RESPA- Reg. X - HUD - CFPB

TILA- Reg. Z - FRB - CFPB (FTC)

Question 4

What regulations are Credit and Disposals and who created and enforces them?

Answer 4

FCRA- Reg. V - FRA & FTC - CFPB (FTC)

And FACTA

Question 5

Which Regulations overlook Privacy?

Answer 5

GLB and NPI

Question 6

What does TRID over look?

Answer 6

LE & CD, APR, Charm, Timing of things, preparation of docs

Question 7

The Dodd-Frank Act and the Consumer Finance Protection Act created what?

Answer 7

Consumer Financial Protection Bureau (CFPB)

Question 8

What is the purpose of the Dodd-Frank Act?

Answer 8

To promote financial stability

Question 9

What automated underwriting system (AUS) Does Fannie Mae use?

Answer 9

Desktop Underwriter

Question 10

What automated underwriting system (AUS) Does Freddie Mac use?

Answer 10

Loan Prospector

Question 11

What is RESPA Sec. 6?

Answer 11

Protects homeowners against Mortgage servicing abuses

Question 12

What is RESPA Sec. 8?

Answer 12

Prohibits kickbacks, fee-splitting, and unearned fees

Question 13

What is RESPA Sec. 9?

Answer 13

States a seller cannot require the use of particular title company

Question 14

What is RESPA Sec. 10?

Answer 14

Identifies amounts that can be charged to maintain escrow accounts

Question 15

What was the purpose of RESPA?

Answer 15

Better shoppers for settlement services

Question 16

The rules and regulations of RESPA apply to?

Answer 16

Conventional loans
FHA, VA, 
Reverse mortgage
Assumptions
Refinances
Property Improvement loans
Equity lines of credit

Question 17

What transactions are covered by RESPA?

Answer 17

Federally-related mortgage loans secured by first or subordinate liens on one-to-four unit residential properties.

Question 18

What transactions are NOT covered by RESPA?

Answer 18

All-cash sale
Rental property transaction
Property of 25 acres or more