Coverage Flashcards
1
Q
What does Reg Z cover?
A
Consumer credit
2
Q
Reg Z: Who is the borrower?
A
Individuals, natural persons
3
Q
Reg Z: What is the loan’s primary purpose?
A
Consumer (personal, family or household) purpose
4
Q
Reg Z: What is threshold for coverage?
A
$54,600
- Loans less than the threshold that are not secured by real estate or secondary educational purpose are covered.
- Loans of more than the threshold are not covered.
5
Q
What does ATR apply to?
A
Consumer purpose, closed-end loans secured by a dwelling.
6
Q
What does ATR not apply to?
A
Temporary (construction) loans with terms of less than 2 years are exempt
7
Q
What is an HPML?
A
Closed end loan secured by a consumer’s principal dwelling
8
Q
What loans are excluded from HPML rules?
A
Bridge loans and construction only loans.
9
Q
What is a HOEPA loan?
A
Consumer purpose loans secured by a consumer’s principal dwelling
10
Q
What is a HELOC?
A
Open-end credit line of credit secured by a consumer’s dwelling.
