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SAFE > CHAPTER 7: REVIEW OF FEDERAL LAW - QUICK FACTS BROKEN DOWN > Flashcards

CHAPTER 7: REVIEW OF FEDERAL LAW - QUICK FACTS BROKEN DOWN Flashcards

1
Q

RESPA -Real Estate Settlement Procedures Act

Regulation:

A

Regulation X

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2
Q

Real Estate Settlement Procedures Act

Acronym:

A

RESPA

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3
Q

RESPA -Real Estate Settlement Procedures Act

Year Created:

A

1974

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4
Q

RESPA -Real Estate Settlement Procedures Act

Main Purpose:

A

Educate borrowers on the cost of their loans

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5
Q

RESPA -Real Estate Settlement Procedures Act

Disclosures/Notice Required:

A

Escrow notices, notice of transfer of loan servicing, ABA

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6
Q

RESPA -Real Estate Settlement Procedures Act

Important Terms Related to this Law:

A

Kickbacks, referral fees, escrow requirements, transfer of

servicing

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7
Q

RESPA -Real Estate Settlement Procedures Act

Entity Responsible for Enforcement:

A

CFPB

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8
Q

TILA -Truth in Lending Act

Regulation:

A

Regulation Z (think TILA-ZILA)

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9
Q

Truth in Lending Act

Acronym:

A

TILA

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10
Q

TILA -Truth in Lending Act

Year Created:

A

1968

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11
Q

TILA -Truth in Lending Act

Main Purpose:

A

Protect consumers from predatory lending practices

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12
Q

TILA -Truth in Lending Act

Disclosures/Notice Required:

A

HOEPA notice, homeownership counseling notice,

TRID

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13
Q

TILA -Truth in Lending Act

Important Terms Related to this Law:

A

High-cost loans, ability to repay, higher-priced loans,

qualified mortgage, advertising, right of rescission

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14
Q

TILA -Truth in Lending Act

Entity Responsible for Enforcement:

A

CFPB

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15
Q

TILA -Truth in Lending Act

Other Laws that have influenced it:

A

Dodd-Frank

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16
Q

TRID -The TILA-RESPA Integrated DisclosureRule

Regulation:

A

N/A

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17
Q

The TILA-RESPA Integrated DisclosureRule

Acronym:

A

TRID

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18
Q

TRID -The TILA-RESPA Integrated DisclosureRule

Year Created:

A

2015

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19
Q

TRID -The TILA-RESPA Integrated DisclosureRule

Main Purpose:

A

Simplify the disclosure process

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20
Q

TRID -The TILA-RESPA Integrated DisclosureRule

Disclosures/Notice Required:

A

Loan Estimate, Closing Disclosure

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21
Q

TRID -The TILA-RESPA Integrated DisclosureRule

Important Terms Related to this Law:

A

Changed circumstance, tolerances,

summation, application

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22
Q

TRID -The TILA-RESPA Integrated DisclosureRule

Entity Responsible for Enforcement:

A

CFPB

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23
Q

TRID -The TILA-RESPA Integrated DisclosureRule

Other Laws that have influenced it:

A

RESPA, TILA

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24
Q

ECOA -The Equal Credit Opportunity Act

Regulation

A

Regulation B (EBOA)

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25
Q

The Equal Credit Opportunity Act

Acronym:

A

ECOA

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26
Q

ECOA -The Equal Credit Opportunity Act

Year Created:

A

1974

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27
Q

ECOA -The Equal Credit Opportunity Act

Main Purpose:

A

To prevent discrimination on specified protected classes

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28
Q

ECOA -The Equal Credit Opportunity Act

Disclosures/Notice Required:

A

Notice of Adverse Action, Appraisal Notice, ECOA Notice

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29
Q

ECOA -The Equal Credit Opportunity Act

Important Terms Related to this Law:

A

Protected class, adverse action; appraisal, disparate impact,
disparate treatment

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30
Q

ECOA -The Equal Credit Opportunity Act

Entity Responsible for Enforcement:

A

The CFPB

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31
Q

ECOA -The Equal Credit Opportunity Act

Other Laws that are complimentary:

A

The Home Mortgage Disclosure Act; Fair Housing Act

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32
Q

HMDA - The Home Mortgage Disclosure Act

Regulation:

A 
Regulation C (A good way to remember HMDA and it’s
regulation is HMDAC)
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33
Q

The Home Mortgage Disclosure Act

Acronym:

A

HMDA

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34
Q

HMDA - The Home Mortgage Disclosure Act

Year Created:

A

1975

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35
Q

HMDA - The Home Mortgage Disclosure Act

Main Purpose:

A

Used to track information to prevent discrimination

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36
Q

HMDA - The Home Mortgage Disclosure Act

Disclosures/Notice Required:

A

Monitoring statement on the 1003

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37
Q

HMDA - The Home Mortgage Disclosure Act

Important Terms Related to this Law:

A

Redlining, blockbusting, disparate impact, disparate treatment

38
Q

HMDA - The Home Mortgage Disclosure Act

Entity Responsible for Enforcement:

A

The CFPB

39
Q

HMDA - The Home Mortgage Disclosure Act

Other Laws that are Complimentary:

A

ECOA; Fair Housing Act

40
Q

FCRA - Fair Credit Reporting Act

Regulation:

A

Regulation V

41
Q

Fair Credit Reporting Act

Acronym:

A

FCRA

42
Q

FCRA - Fair Credit Reporting Act

Year Created:

A

1970

43
Q

FCRA - Fair Credit Reporting Act

Main Purpose:

A

Restricts use of credit reports and requires accuracy on credit repor

44
Q

FCRA - Fair Credit Reporting Act

Other Laws that are Complimentary:

A

FACTA

45
Q

FACTA - Fair and Accurate Credit Transaction Act

Year Created:

A

2003

46
Q

FACTA - Fair and Accurate Credit Transaction Act

Main Purpose:

A

Improves consumer access to credit information; Provides avenues for the
resolution of consumer disputes; Helps to prevent and detect
identity thef

47
Q

FACTA - Fair and Accurate Credit Transaction Act

Disclosures/Notice Required:

A

Notice to Home Loan Applicant

48
Q

FACTA - Fair and Accurate Credit Transaction Act

Important Terms Related to this Law:

A

Identity theft, consumer disputes

49
Q

FACTA - Fair and Accurate Credit Transaction Act

Entity Responsible for Enforcement:

A

CFPB

50
Q

FACTA - Fair and Accurate Credit Transaction Act

Other Laws that are Complimentary:

A

FACTA

51
Q

Telemarketing Rules & Do Not Call

Regulation:

A

N/A

52
Q

Telemarketing Rules & Do Not Call

Year Created:

A

2003

53
Q

Telemarketing Rules & Do Not Call

Main Purpose:

A

To implement and enforce the Do-Not-CallRegistry

54
Q

Bank Secrecy Act / Anti-Money Laundering (BSA/AML)

Regulation:

A

N/A

55
Q

Bank Secrecy Act / Anti-Money Laundering

Acronym or Nickname:

A

BSA/AML

56
Q

Bank Secrecy Act / Anti-Money Laundering (BSA/AML)

Year Created:

A

1970

57
Q

Bank Secrecy Act / Anti-Money Laundering (BSA/AML)

Main Purpose:

A

To prevent money laundering

58
Q

Bank Secrecy Act / Anti-Money Laundering (BSA/AML)

Disclosures/Notice Required:

A

N/A but yearly education required

59
Q

Bank Secrecy Act / Anti-Money Laundering (BSA/AML)

Important Terms Related to this Law:

A

Money laundering, suspicious activity report

60
Q

Bank Secrecy Act / Anti-Money Laundering (BSA/AML)

Entity Responsible for Enforcement:

A

FinCEN

61
Q

Gramm-Leach-Bliley Act or Financial Modernization Act

Regulation:

A

N/A

62
Q

Gramm-Leach-Bliley Act or Financial Modernization Act

Acronym:

A

GLBA

63
Q

Gramm-Leach-Bliley Act or Financial Modernization Act

Year Created:

A

1999

64
Q

Gramm-Leach-Bliley Act or Financial Modernization Act

Main Purpose:

A

Protectconfidentialityof non-public personal information

65
Q

Gramm-Leach-Bliley Act or Financial Modernization Act

Disclosures/Notice Required

A

Privacy Notice

66
Q

Gramm-Leach-Bliley Act or Financial Modernization Act

Important Terms Related to this Law:

A

Non-public personal information, pretexting

67
Q

The MAP Rule - Mortgage Acts and Practices

Regulation:

A

Regulation N

68
Q

Mortgage Acts and Practices

Acronym:

A

The MAP Rule

69
Q

The MAP Rule - Mortgage Acts and Practices

Year Created:

A

2011

70
Q

The MAP Rule - Mortgage Acts and Practices

Main Purpose:

A

Regulate Advertising

71
Q

The MAP Rule - Mortgage Acts and Practices

Disclosures/Notice Required:

A

N/A

72
Q

The MAP Rule - Mortgage Acts and Practices

Important Terms Related to this Law:

A

Commercial communication,

product, mortgage credit term

73
Q

The MAP Rule - Mortgage Acts and Practices

Entity Responsible for Enforcement:

A

The Federal Trade Commission

74
Q

The MAP Rule - Mortgage Acts and Practices

Other Laws that are complementary:

A

TILA

75
Q

The Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and
Obstruct Terrorism” Act

Regulation:

A

N/A

76
Q

The Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and
Obstruct Terrorism” Act

Acronym or Nickname

A

USA Patriot Act

77
Q

The Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and
Obstruct Terrorism” Act

Year Created

A

2001

78
Q

The Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and
Obstruct Terrorism” Act

Main Purpose:

A

Requires identification to be provided for mortgage loans with the
purpose of identifying terrorists

79
Q

The Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and
Obstruct Terrorism” Act

Important Terms Related to this Law:

A

Terrorism, terrorist, money laundering, financial crimes

80
Q

The Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and
Obstruct Terrorism” Act

Entity Responsible for Enforcement:

A

Financial Crimes Enforcement Network (FinCEN) under the

United States Department of the Treasury

81
Q

The Electronic Signatures in Global and National
Commerce Act

Regulation:

A

N/A

82
Q

The Electronic Signatures in Global and National
Commerce Act

Acronym or Nickname:

A

E-Sign Act

83
Q

The Electronic Signatures in Global and National
Commerce Act

Year Created:

A

2000

84
Q

The Electronic Signatures in Global and National
Commerce Act

Main Purpose:

A

Allows for electronic signatures on mortgage loan

documents

85
Q

The Electronic Signatures in Global and National
Commerce Act

Disclosures/Notice Required:

A

Prior Consent, Notice of Availability of Paper Records

86
Q

The Electronic Signatures in Global and National
Commerce Act

Important Terms Related to this Law:

A

e-signatures

87
Q

Homeowners Protection Act

Regulation:

A

N/A

88
Q

Homeowners Protection Act

Acronym:

A

HPA

89
Q

Homeowners Protection Act

Year Created:

A

1998

90
Q

Homeowners Protection Act

Main Purpose:

A

Regulates private mortgage insurance

91
Q

Homeowners Protection Act

Important Terms Related to this Law:

A

Private mortgage insurance (PMI) and Loan to Value (LTV)

SAFE (14 decks)

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