Chapter 24 Flashcards
An entity created out of the Dodge Frank act created to protect consumers by giving full disclosure and overseas all lending sources
CFPB
Consumer financial protection bureau
Is the CFPB going after people?
Yes they face civil penalties for violating consumer financial protection laws
The three page document the consumer gets within three days of getting a mortgage loan
Loan estimate
A consumer protection statue passed in 1974. To consumers become better shoppers for settlement services.
RESPA
When a borrower is getting a loan under reg Z the borrow has a three day period that they can fully cancel the loan
Right of recession
Any service, including any services provided in the connection with any real estate settlement?
Settlement services
Settlement service providers, including, but not limited to are
Title searches
title examinations
the provisions of title certificates or title insurance
services rendered by an attorney
preparation of documents
Trigger terms kick off the need for
Cash price
Required down payment
APR
Amount of all payments in due dates
True terms, truth in lending in advertising a lender cannot say
Specific interest rate
Down payment amounts
Monthly payment amount
Dollar amount of the finance charged
Term of loan
What does APR stand for?
Annual percentage rate
What does RESPA stand for?
Real estate settlement and procedures act
What does TILA stand for?
Truth in lending act
What does TRID stand for?
TILA/RESPA integrated disclosure, truth in lending respa integrated disclosure
When does RESPA apply
Covers loan secured with a federally related mortgage placed on a 1 to 4 residential property, cooperative or condominium
When does RESPA not apply
Loans on large properties more than 25 acres loans for businesses or agricultural purposes
Which federal law requires the letter to disclose the annual percentage rate
TILA truth in lending act
What is another name for TILA?
Regulation Z
Which entities are responsible for enforcing RESPA
CFPB and HUD
Bronson buyer wants to know what the loan term is on the loan for his new condo we’re on his loan estate. Will he find this information?
Page one
Brooke, buyer wants to know if her interest rate is locked on the loan for her new condo where on her loan estimate will she find this information?
Page one
Bob Dyer wants to see a breakdown of the loan cost or for purchase of his new home where can you find this information on his loan estimate?
Page 3
The first section of the loan estimate clearly discloses
The loan terms
The first section of the loan estimate clearly discloses
The loan terms
The piece of legislation that created TRID is called
The Dodd/frank act
