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NMLS > Complete Deck > Flashcards

Complete Deck Flashcards

1
Q

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

A

TILA/Regulation Z

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2
Q

Which regulation prohibits kickbacks?

A

RESPA/Regulation B

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3
Q

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

A

HPA/Homeowner’s Protection Act

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4
Q

Which regulation prohibits fee splitting?

A

RESPA Section 8

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5
Q

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

A

RESPA

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6
Q

RESPA is the acronym used to describe which Law?

A

Real Estate Settlement Procedures Act

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7
Q

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

A

VA Loan

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8
Q

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

A

Acceleration Clause

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9
Q

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

A

Alienation Clause

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10
Q

What does CFPB stand for?

A

Consumer Finance Protection Buerau

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11
Q

What two laws created the CFPB?

A

Dodd-Frank Act & Consumer Finance Protection Act

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12
Q

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

A

CRA/Community Reinvestment Act

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13
Q

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?

A

90 Days

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14
Q

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?

A

30 Days

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15
Q

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

A

3 business days prior to closing

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16
Q

Conforming Loans follow the guidelines of which regulators?

A

Fannie Mae and Freddie Mac

17
Q

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

A

ECOA/Regulation B

18
Q

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

A

62 years old

19
Q

Which regulation has the primary function of preventing Identity Theft?

A

The FACT Act

20
Q

Which regulation has Section 114 rules?

A

The FACT Act

21
Q

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

A

Red Flag Rules/Section 114 of FACT Act

22
Q

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

A

Tenure Method

23
Q

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?

A

Straw Borrower

24
Q

What type of lender “insures” mortgages?

A

FHA Lenders

25
Q

What type of lender “guarantees” mortgages?

A

VA & USDA Lenders

26
Q

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

A

United States Department of Agriculture

27
Q

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

A

Equity

28
Q

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

A

3 Days

29
Q

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

A

TILA/Regulation Z

30
Q

Redlining is part of which Regulation/Law?

A

The Fair Housing Act

31
Q

Blockbusting is part of which Regulation/Law?

A

The Fair Housing Act

32
Q

Steering is part of which Regulation/Law?

A

The Fair Housing Act

33
Q

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

A

Blockbusting/Panic Selling

34
Q

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

A

Steering

35
Q

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

A

Redlining

36
Q

What does HOEPA stand for?

A

Home Ownership and Equity Protection Act

37
Q

HOEPA Loans are part of which larger Regulation?

A

TILA/Regulation Z

38
Q

High Cost Loans are part of which larger Regulation?

A

TILA/Regulation Z

NMLS (1 decks)

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