Ch 3 additional government influence

Question 1

The federal fair housing prohibits discrimination against

Answer 1

Race, color, national origin, sex, religion, families, with children and disability

Question 2

What does RMLO stand for?

Answer 2

Residential mortgage loan originator

Question 3

Who is the residential mortgage loan originator mandated by?

Answer 3

The SAFE act

Question 4

Where are most all RMLOs be registered?

Answer 4

Nationwide mortgage, licensing system, and registry (NMLSR)

Question 5

A significant federal law that affects lenders is

Answer 5

Community reinvestment act

Question 6

What is redlining?

Answer 6

The practice of refusing to provide financing in a particular area because of the location

Question 7

The Texas Department of housing and community affairs is responsible for

Answer 7

Affordable housing

Question 8

What type of loans can be used in the Texas veterans land board housing assistance program

Answer 8

FHA , VA, or conventional loan

Question 9

Who is eligible to take advantage of veteran benefits

Answer 9

Veterans their spouses and their children 

Question 10

What does RESPA stand for?

Answer 10

Real estate settlement procedures act

Question 11

RESPA allows

Answer 11

Any party to the transaction to choose the title company and any party can pay for the policy

Question 12

In the acronym PENSIL IT IS EXPLAINING

Answer 12

The disclosures that are needed to apply for a loan

Question 13

What does PENSIL STAND FOR?

Answer 13

P property address
E estimated value
N name of Borrower
S Social Security number
I income
L loan amount

Question 14

What type of transaction is exempt from RESPA?

Answer 14

Temporary loans

Question 15

Under the ______ the use of certain terms in an advertisement triggers, the need for full disclosure of lending terms

Answer 15

Truth in lending act

Question 16

The Dodd-Frank Wall Street, reform and consumer protection act established the

Answer 16

Consumer, financial protection bureau