Chapter 7: Federal Financial Disclosure

Question 1

Regulation X

Answer 1

RESPA. This offers protection to consumers who possess or apply for federally related mortgages. It mandates disclosures to be made in relation to the application and servicing of certain secured loans.

Question 2

When it is necessary to provide a revised Loan Estimate

Answer 2

within 3 days of receiving information

Question 3

Section 6

Answer 3

Protects homeowners against abuses in loan servicing

Question 4

Section 8

Answer 4

Prohibits kickbacks, fee-splitting, and unearned fees

Question 5

Section 9

Answer 5

States a seller cannot require the use of a particular title company

Question 6

Section 10

Answer 6

Identifies the amounts that can be charged to maintain escrow accounts

Question 7

valid changed circumstance

Answer 7

four-business-day period for redisclosure of the Loan Estimate

Question 8

Regulation C

Answer 8

HMDA. 1975. mandates that depository institutions must annually disclose loan data about the communities to which they provided residential mortgages

Question 9

Regulation B

Answer 9

ECOA. regulation intended to prevent applicants from being discriminated against in any aspect of a credit transaction

Question 10

Regulation V

Answer 10

FCRA. Fair Credit Reporting Act. In particular, it aims to protect the privacy and accuracy of the information contained in consumer credit reports.

Question 11

FCRA

Answer 11

Fair Credit Reporting Act. a federal law dealing with the granting of credit, access to credit information, the rights of debtors, and the responsibilities of creditors.