Complete Deck

Question 1

What law deals with credit, APR & advertising of consumer loans?

Answer 1

TILA/Regulation Z

Question 2

Which regulation prohibits kickbacks?

Answer 2

RESPA/Regulation B

Question 3

Which regulation requires the lender to cancel PMI when the loan reaches 78% LTV?

Answer 3

HPA/Homeowner’s Protection Act

Question 4

Which regulation prohibits fee splitting?

Answer 4

RESPA Section 8

Question 5

“X” is the letter used to describe which Regulation?

Answer 5

RESPA

Question 6

RESPA is the acronym used to describe which Law?

Answer 6

Real Estate Settlement Procedures Act

Question 7

What type of mortgage requires a non-refundable funding fee?

Answer 7

VA Loan

Question 8

What is a provision in a mortgage enabling a lender to demand full repayment if the borrower defaults on the loan?

Answer 8

Acceleration Clause

Question 9

What is the provision in a mortgage enabling a lender to demand full repayment if the borrower transfers the loan?

Answer 9

Alienation Clause

Question 10

What does CFPB stand for?

Answer 10

Consumer Finance Protection Buerau

Question 11

What two laws created the CFPB?

Answer 11

Dodd-Frank Act & Consumer Finance Protection Act

Question 12

Which regulation is designed to help meet the credit needs of the communities in which it operates?

Answer 12

CRA/Community Reinvestment Act

Question 13

Under ECOA rules and regulations, how many days does the borrower have to request a copy of an appraisal report if the application was denied?

Answer 13

90 Days

Question 14

Under ECOA rules and regulations, if an application for credit is denied, and if requested by the borrower, how many days does the lender have to provide a copy of an appraisal report?

Answer 14

30 Days

Question 15

If a loan application is approved, under ECOA rules and regulations, when must a copy of the appraisal be provided to the borrower?

Answer 15

3 business days prior to closing

Question 16

Conforming Loans follow the guidelines of which regulators?

Answer 16

Fannie Mae and Freddie Mac

Question 17

Which regulation requires lender to “Be Equal” when extending credit to borrowers?

Answer 17

ECOA/Regulation B

Question 18

How old must a borrower be to qualify for a Reverse Mortgage?

Answer 18

62 years old

Question 19

Which regulation has the primary function of preventing Identity Theft?

Answer 19

The FACT Act

Question 20

Which regulation has Section 114 rules?

Answer 20

The FACT Act

Question 21

Which regulation requires the creditor to verify the validity of any change of address received?

Answer 21

Red Flag Rules/Section 114 of FACT Act

Question 22

What is the payment method used in a reverse mortgage that allows the homeowners to receive a monthly check while living in the property?

Answer 22

Tenure Method

Question 23

What is the fraud scheme where a borrower uses someone else’s name to purchase the property, but that person will not be living at the property?

Answer 23

Straw Borrower

Question 24

What type of lender “insures” mortgages?

Answer 24

FHA Lenders

Question 25

What type of lender "guarantees" mortgages?

Answer 25

VA & USDA Lenders

Question 26

What is the entity that loans money to fund purchases in rural areas?

Answer 26

United States Department of Agriculture

Question 27

What is the value remaining in property after all liens and debts have been paid?

Answer 27

Equity

Question 28

A borrower is refinancing his home. How much time does Regulation Z give him to rescind?

Answer 28

3 Days

Question 29

Which Regulation established the 3-day right of rescission rule?

Answer 29

TILA/Regulation Z

Question 30

Redlining is part of which Regulation/Law?

Answer 30

The Fair Housing Act

Question 31

Blockbusting is part of which Regulation/Law?

Answer 31

The Fair Housing Act

Question 32

Steering is part of which Regulation/Law?

Answer 32

The Fair Housing Act

Question 33

Trying to convince a homeowner to sell his home by implying that another race/ethnicity is moving in the neighborhood is called?

Answer 33

Blockbusting/Panic Selling

Question 34

Trying to convince a homeowner to purchase in a particular neighborhood based on their race, religion or ethnicity is called?

Answer 34

Steering

Question 35

Refusing to make loans on a property in a certain neighborhood for discriminatory reasons is called?

Answer 35

Redlining

Question 36

What does HOEPA stand for?

Answer 36

Home Ownership and Equity Protection Act

Question 37

HOEPA Loans are part of which larger Regulation?

Answer 37

TILA/Regulation Z

Question 38

High Cost Loans are part of which larger Regulation?

Answer 38

TILA/Regulation Z