Finance 3 - Additional Government Influence

Question 1

A form that itemizes all charges to be paid by a borrower and a seller in connection with the settlement and must be delivered to the consumer least least three days before closing.

Answer 1

Closing Disclosure

Question 2

FHA program issuing grants to communities for economic development, job opportunities, and housing rehabilitation.

Answer 2

Community Development Block Grant (CDBG) Program

Question 3

Under the act, which was revised most recently in 2008, financial institutions are expected to meet the deposit and credit needs of their communities; participate and invest in local community development and rehabilitation projects; and participate in loan programs for housing, small businesses, and small farms.

Answer 3

Community Reinvestment Act (CRA)

Question 4

Designated communities eligible for Community Development Block Grant (GDBG) funds.

Answer 4

entitlement communities

Question 5

Provides a secondary market for loans originated by the Farm Credit System, U.S. Department of Agriculture, and other agricultural lenders.

Answer 5

Farmer Mac

Question 6

The federal law that prohibits discrimination in the extension of credit because of race, color, religion, national origin, sex, age, marital status, or receipt of public assistance.

Answer 6

Equal Credit Opportunity Act (ECOA)

Question 7

Federal law, implemented at its creation by Regulation C of the Federal Reserve, that requires lenders to annually disclose the number of loan applications and loans made in certain areas to avoid the practice of redlining. On July 21, 2011, the rule-making authority of the law was transferred to the Consumer Financial Protection Bureau.

Answer 7

Home Mortgage Disclosure Act (HMDA)

Question 8

Provides rental assistance to eligible consumers and allows funds to be used towards mortgage payment, Formerly called Section 8.

Answer 8

Housing Choice Voucher Program

Question 9

Created the Federal Housing Finance Agency to regulate the GSEs; also created the Neighborhood Stabilization Program to assist communities suffering from large number of foreclosures.

Answer 9

Housing and Economic Recovery Act 0f 2008 (HERA)

Question 10

A federal law that regulates interstate land sales by requiring registration of real property and disclosure of full and accurate information regarding the property to prospective buyers.

Answer 10

Interstate Land Sales Full Disclosure Act (ILSFDA)

Question 11

A three-page form you receive after applying for a mortgage which includes important details about the requested loan.

Answer 11

Loan Estimate (LE)

Question 12

Part of the Housing and Economic Recovery Act of 2008 that provides grants to communities suffering from an excess number of foreclosures.

Answer 12

Neighborhood Stabilization Program (NSP)

Question 13

The mandatory federal and state documents compiled by subdividers and developers to provide potential purchasers with facts about a property prior to purchase.

Answer 13

property report

Question 14

The federal law that requires certain disclosures to consumers about mortgage loan settlements. The law also prohibits the payment or receipt of kickbacks and certain kinds of referral fees.

Answer 14

Real Estate Settlement Procedures Act (RESPA)

Question 15

An explanation and description of existing and proposed improvements and services planned for residential land to be sold intra-state.

Answer 15

statement of record

Question 16

Replaced Good Faith Estimate, HUD-1 Settlement Statement, and TILA disclosures under direction of Consumer Financial Protection Bureau; mandated for use as of October 3, 2015.

Answer 16

Truth-in-Lending/RESPA Integrated Disclosures (TRID)

Question 17

Allocates increased property tax revenues to pay for debt incurred in improving an area.

Answer 17

tax increment financing