Facts Flashcards
How often is an Escrow Analysis performed?
Annually and notify borrowers of any shortage
May not report negative credit information in a credit report that is more than how many years old
7 Years old
What federal law does the ATR fall under?
HOEPA - TILA
SAR and CD are kept for?
5 Years
LAR, LE, AND LOC are kept for?
3 Years
ECOA is kept for?
25 months
The 1003 is what?
URLA - Uniform Residential Loan Application
The 1004 is what?
URAR - Uniform Residential Appraisal Report
The 1005 is what?
VOE - Verification of Employement
The 1006 is what?
VOD - Verification of Deposit
The 1008 is what?
Transmittal Summary
High Flood Zone is?
A and V
GLB penalty:
5 years + fine
Unauthorized Fax penalty:
$500
RESPA penalty:
$10k a/o 1 year
ECOA penalty:
$10k
TILA penalty:
$5k single
$25k reckless
$1,000,000 knowingly
SAFE Act penalty:
$30,058
DNC penalty:
$43,058 per call
FACTA penalty:
$5k a/o 1 year
2 organizations that are responsible for creating and implementing the NMLS:
CSBS - Conference of state bank supervisors AND AARMR - American Association of Residential Mortgage Regulators
What laws are regulated by the CFPB?
CFPB NO HVXZ
C-HMDA
F-Fair Debt Collection
P-Privacy of Consumer Financial Information
B-ECOA
N-MAP
O-MARS
H-SAFE
V-FCRA
X-RESPA
Z-TILA
A refund escrow is due in?
20 days
MDIA is under what law?
TILA
APR is also known as?
Effective Rate, Note Rate, Nominal Rate
When ad is “triggered” is must have:
D. A. R
- Amount or percentage of DOWN payment
- APR
- Terms of REPAYMENT
Qualified Mortgage is under what law?
TILA
ATR is under what law?
TILA
The loan estimate is good for?
10 days
Notify borrower within ___ days of completed application:
30 days
Written complaints may be filed with HUD office within ______ of violation:
1 Year
HMDA - Encourage financial institutions to meet the _________ needs of the community in which they operate.
Housing
LAR reports are due on ______ each year
March 1
FCRA is enforced by:
Federal Trade Commission
FCRA has 5 rights. What are they?
Adverse Action Credit Report Credit Score Negative/Inaccurate information limit prescreened offers
The minimum timeframe that a consumer reporting agency must include a fraud alert in a consumers file is _____
1 year
FACTA has 3 rights. What are they?
Credit Freeze
Truncation of card #’s
Security and Disposal
FACTA credit score range:
300-850
GLBA - SPF
Safeguarding
Pretexting
Financial Privacy
GLBA is also known as:
Financial Modernization Act
DNC Registry is enforced by:
FTC and FCC
DNC is updated every ____ and documents must be maintained for ______.
31 days
24 months
____ Months after the consumers last purchse
18 months
_____ Months after a consumer makes an inquiry
3 Months
A document that conveys ownership of real property from the grantor to the grantee is known as
Deed
At closing, who issues a clear to close?
Lender
For a loan that has escrow included, RESPA requires a lender to perform an escrow analysis
Annually
Total debt to income ratio is the relationship between the borrower’s
total monthly debt obligation and gross monthly income
Which is a purpose for the mortgage servicing disclosure statement?
to inform the consumer the likelihood that the servicing of the mortgage will be sold
