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MLO Study Guide > Cliffs Notes on Federal Regulations > Flashcards

Cliffs Notes on Federal Regulations Flashcards

1
Q 
RESPA
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Real Estate Settlement Act Procedures 
includes Section 8 Anti-kickback
Regulation: Reg X
Date Enacted: 1974
Enforced By: HUD
Objective: Borrower receives disclosures about settlement cost, etc. Good Faith Estimate.
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2
Q 
TILA
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Truth In Lending Act
Regulation: Reg Z
Date Enacted: 1968
Enforced By: Federal Reserve Board (FRB)
Objective: Requires disclosure of credit terms, cost, APR's, rescission
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3
Q 
ECOA
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Equal Credit Opportunity Act
Regulation: Reg B
Date Enacted: 1974
Enforced By: 
(FTC) Federal Trade  Commission & 
(OCC) Office of the Comptroller of Currency
Objective: Discrimination
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4
Q 
HMDA
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Home Mortgage Disclosure Act
Regulation: Reg C
Date Enacted: 1975
Enforced By: (FRB) Federal Reserve Board
Objective: Data reporting by certain lenders to see if housing needs being met
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5
Q 
GLB
Regulation?
Date Enacted?
Enforced By?
Objective?
A

Gramm-Leach-Bliley Privacy Act
Regulation:
Date Enacted: 1999
Enforced By: (FTC) Federal Trade Commission
Objective: Privacy Act - Protect credit information

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6
Q 
SAFE
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Secure And Fair Enforcement Act
Regulation: Title V
Date Enacted: 2008
Enforced By: HUD
Objective: Licensing of loan originators
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7
Q 
Fact or Facta
Regulation?
Date Enacted?
Enforced By?
Objective?
A

Fair & Accurate Credit Transactions Act
Regulation:
Date Enacted: 2003
Enforced By: (FTC) Federal Trade Commission
Objective: Credit reporting and identity theft. Red flag detection - Sect. 114

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8
Q 
HPA
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Homeowners Protection Act
Regulation: 
Date Enacted: 1998
Enforced By: (FTC) Federal Trade Commission
Objective: PMI cancellation, etc.
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9
Q 
Reg H
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Flood Disaster Protection Act
Regulation: Reg H
Date Enacted: 1994
Enforced By: (FRB) Federal Reserve Board
Objective: Flood hazard insurance and National Flood Ins. Program
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10
Q 
MDIA
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Mortgage Disclosure Improvement Act
Regulation: 
Date Enacted: 2008
Enforced By: (FRB) Federal Reserve Board
Objective: Amends TILA
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11
Q 
HOEPA
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Home Ownership and Equity Protection Act
Regulation: Section 32 of Reg Z
Date Enacted: 2002
Enforced By: 
(FTC) Federal Trade Commission &
(FRB) Federal Reserve Board
Objective: Amendment to TILA, High Cost loans and other prohibited practes
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12
Q 
FCRA
Regulation?
Date Enacted?
Enforced By?
Objective?
A

Fair Credit Reporting Act
Regulation: Reg V
Date Enacted: 1968
Amended 2003 by FACT
Enforced By: (FTC) Federal Trade Commission
Objective: Credit information and rights of debtors

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13
Q 
DNC
Regulation?
Date Enacted?
Enforced By?
Objective?
A

National Do Not Call Registry
Regulation:
Date Enacted: 2008
Enforced By: (FTC) Federal Trade Commission
Objective: Telemarketing - $16,000 fine each violation

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14
Q

Civil Rights Act

A 
Civil Rights Act
Regulation: 
Date Enacted: 1866
Enforced By: Federal District Courts
Objective: Discrimination by race
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15
Q 
FHA
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Fair Housing Act
Regulation: Title VIII
Date Enacted: 1968
Enforced By: 
(HUD) Housing & Urban Development
Objective: 
Discrimination by race, color, religion, sex, national, origination, disability, familial status
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16
Q 
CRA
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Community Reinvestment Act
Regulation:
Date Enacted: 1977
Enforced By: 
Objective: Lenders compliance and meeting needs of communities
17
Q 
FRB
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Federal Reserve Board
Regulation: 
Date Enacted: 1913
Enforced By: Board of Governors
Objective: Responsible for U.S. monetary policies
18
Q 
FHLMC
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Federal Home Loan Mortgage Corporation 
(Freddie Mac)
Regulation: 
Date Enacted: 1970
Enforced By: 
(FHFA) Federal Housing Finance Agency 
Objective: Non-profit Federally chartered. Conduct for sale and purchase of loan
19
Q 
FNMA
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Federal National Mortgage Association 
(Freddie Mae)
Regulation: 
Date Enacted: 1938
Enforced By: 
(FHFA) Federal Housing Finance Agency
Objective: Non-profit Federally chartered. Purchase FHA, VA & conventional loans
20
Q 
GNMA
Regulation?
Date Enacted?
Enforced By?
Objective?
A 
Government National Mortgage Association
(Ginny Mae)
Regulation: 
Date Enacted: 1968
Enforced By: 
(HUD) Housing & Urban Development
Objective: Government - owned. Guarantees principal & interest on FHA & VA Loans

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