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ACES > Disclosures, Timeline, Retention, & Fines > Flashcards

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
When must the Right to Cancel (or RTR) be sent?
Due at closing
26
When must the Early ARM disclosure be sent?
3 business days of application
27
When must the CHARM booklet be sent?
3 business days of application
28
If borrower acts upon RTR, how soon must the lender return the money?
20 Calendar days
29
When must the Initial Rate Disclosure be sent?
120-240 calendar days before INITIAL rate change payment due
30
When must subsequent Rate Disclosure be sent?
60-120 calendar days before subsequent rate change payment due
31
When must Special HOEPA disclosures be sent?
3 business days prior to close
32
What are the penalties under TILA?
Damages plus attorney costs (damages can be twice the finance charges) Civil Charges: $5,000 per individual and or 1 year in prison
33
When must the Notice of Right to Cancel PMI be sent?
Annually
34
If someone asks to be placed on our internal DNC, we must honor that request within....
30 days
35
Telemarketers must update and sync their internal call lists with the national registry every...
31 days
36
When can you receive telemarketing calls?
8am-9pm
37
How long must records be kept for telemarketing activities?
2 years
38
What are the fines for violating TCPA?
$40,000 per violation
39
Credit Furnisher have...
30 calendar days to investigate and rectify any inaccuracies
40
A consumer can OPT out of the prescreened list, how long will the opt out be effective?
5 years
41
When must the Disclosure of Credit Score be sent?
ASAP no hard time
42
How long will a fraud alert stay on?
90 days or 7 years with receipt of Identity Theft Report, active duty military NO LESS than 12 months
43
What are penalties for GLBA?
Financial Institutions $100,000 | Individual $10,000 and/or 5 years in prison
44
When must Notice of Right to Receive Appraisal Report be sent?
3 business days of application
45
When must the Notice of Action Taken be sent?
30 calendar days of application
46
When must the Notice of Adverse Action be sent?
30 calendar days of the ACTION
47
When must the Notice of Incomplete Application be sent?
30 calendar days of application
48
What is the max penalty under SAFE act?
$25,000 per incident BY the State
49
What are the appraisal report guidelines under ECOA?
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
Under ECOA, if the loan is declined, the customer can request an additional appraisal report....
90 days from day of denial
51
When can civil actions be brought up under ECOA?
2 years of violation
52
What are the penalties under ECOA?
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
What is the document retention under ECOA?
25 months (24 months plus 1 month) due to ability to file 2 years of a violation
54
Information for the LAR must be submitted by...
March 1
55
Information from the LAR will be made public by...
March 31
56
What is the record retention for HMDA (LAR)?
3 years
57
What is the penalty under HMDA?
Matrix
58
When must you file a SAR?
30 days of detection
59
What is the record retention for SAR
5 years
60
What are the penalties under USA PATRIOT act?
``` Criminal = $1,000,000 and/or 30 years in prison Civil= $250,000 per incident ```
61
What is the record retention for MARS?
2 years
62
What is the record retention for MAP?
2 years

ACES (22 decks)

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