Disclosures, Timeline, Retention, & Fines Flashcards

1
Q

What is the record retention for the ABA?

A

5 years

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2
Q

Loan servicers must respond to “qualified written request” in…

A

5 days

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3
Q

How long do loan servicers have to investigate and respond to a request?

A

30-45 days

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4
Q

Penalties of section 8 of RESPA

A

$10,000 and/or 1 year of prison

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5
Q

Treble damages?

A

section9?

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6
Q

If we have PENCIL we must provide…

A

Initial disclosures in 3 business days

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7
Q

GFE or Good Faith Estimate

A

Within 3 days of application

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8
Q

HUD-1 or Uniform settlement statement

A

Due at closing or 1 day prior if the borrower requests

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9
Q

Homeownership Counseling Organizations

A

Due within 3 business days of application

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10
Q

Mortgage Servicing Disclosure Statement (MSDS) aka Initial Servicing Disclosure Statement (ISDS)

A

Due within 3 business days of application

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11
Q

Special information Booklet aka Settlement Cost Information Booklet (SCIB)

A

Due within 3 business days of application

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12
Q

Initial Escrow Statement

A

Due within 45 days of closing

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13
Q

Annual Escrow Statement

A

Due annually

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14
Q

Service Transfer Statement

A

15 days before transfer and 15 days after transfer

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15
Q

Affiliated Business Arrangement

A

Due at the time of referral

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16
Q

Document retention for LE?

A

3 years (3 pages)

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17
Q

Document retentions for CD?

A

5 years (5 pages)

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18
Q

When should the LE be sent?

A

ASAP

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19
Q

When must the LE be sent?

A

3 business days

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20
Q

What must the CD be sent?

A

3 business days prior to close

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21
Q

When must a revised LE be sent out?

A

4 days before close

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22
Q

How long is the term of an LE good for?

A

10 days

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23
Q

Can you send the LE and CD on the same day?

A

NO, LE has a 7 day waiting period before closing.

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24
Q

When must the Open End Credit disclosure be sent?

A

3 business days of application

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25
Q

When must the Right to Cancel (or RTR) be sent?

A

Due at closing

26
Q

When must the Early ARM disclosure be sent?

A

3 business days of application

27
Q

When must the CHARM booklet be sent?

A

3 business days of application

28
Q

If borrower acts upon RTR, how soon must the lender return the money?

A

20 Calendar days

29
Q

When must the Initial Rate Disclosure be sent?

A

120-240 calendar days before INITIAL rate change payment due

30
Q

When must subsequent Rate Disclosure be sent?

A

60-120 calendar days before subsequent rate change payment due

31
Q

When must Special HOEPA disclosures be sent?

A

3 business days prior to close

32
Q

What are the penalties under TILA?

A

Damages plus attorney costs (damages can be twice the finance charges)
Civil Charges: $5,000 per individual and or 1 year in prison

33
Q

When must the Notice of Right to Cancel PMI be sent?

A

Annually

34
Q

If someone asks to be placed on our internal DNC, we must honor that request within….

A

30 days

35
Q

Telemarketers must update and sync their internal call lists with the national registry every…

A

31 days

36
Q

When can you receive telemarketing calls?

A

8am-9pm

37
Q

How long must records be kept for telemarketing activities?

A

2 years

38
Q

What are the fines for violating TCPA?

A

$40,000 per violation

39
Q

Credit Furnisher have…

A

30 calendar days to investigate and rectify any inaccuracies

40
Q

A consumer can OPT out of the prescreened list, how long will the opt out be effective?

A

5 years

41
Q

When must the Disclosure of Credit Score be sent?

A

ASAP no hard time

42
Q

How long will a fraud alert stay on?

A

90 days or 7 years with receipt of Identity Theft Report, active duty military NO LESS than 12 months

43
Q

What are penalties for GLBA?

A

Financial Institutions $100,000

Individual $10,000 and/or 5 years in prison

44
Q

When must Notice of Right to Receive Appraisal Report be sent?

A

3 business days of application

45
Q

When must the Notice of Action Taken be sent?

A

30 calendar days of application

46
Q

When must the Notice of Adverse Action be sent?

A

30 calendar days of the ACTION

47
Q

When must the Notice of Incomplete Application be sent?

A

30 calendar days of application

48
Q

What is the max penalty under SAFE act?

A

$25,000 per incident BY the State

49
Q

What are the appraisal report guidelines under ECOA?

A

Provided to the borrower promptly upon completion (should) or 3 business days prior to close (must)
If the loan is not going to close- due within 30 days of the cancellation or denial

50
Q

Under ECOA, if the loan is declined, the customer can request an additional appraisal report….

A

90 days from day of denial

51
Q

When can civil actions be brought up under ECOA?

A

2 years of violation

52
Q

What are the penalties under ECOA?

A

Civil $5,000/day if there is a pattern $25,000/day
Punitive: 1. Individual actions up to $10,000
2. Class action lawsuits up to $500,000 or 1% of the creditors net worth whichever is less

53
Q

What is the document retention under ECOA?

A

25 months (24 months plus 1 month) due to ability to file 2 years of a violation

54
Q

Information for the LAR must be submitted by…

A

March 1

55
Q

Information from the LAR will be made public by…

A

March 31

56
Q

What is the record retention for HMDA (LAR)?

A

3 years

57
Q

What is the penalty under HMDA?

A

Matrix

58
Q

When must you file a SAR?

A

30 days of detection

59
Q

What is the record retention for SAR

A

5 years

60
Q

What are the penalties under USA PATRIOT act?

A
Criminal = $1,000,000 and/or 30 years in prison
Civil= $250,000 per incident
61
Q

What is the record retention for MARS?

A

2 years

62
Q

What is the record retention for MAP?

A

2 years