HOEPA

Question 1

What law defines a high cost loan, also known as Section 32 loan?

Answer 1

HOEPA

Question 2

While it is unlawful to consider race when underwriting a loan, what federal legislation requires that this information be included on the loan application?

Answer 2

Home Mortgage Disclosure Act

Question 3

What is the more common name of Title V of the Housing and Economic Recovery Act of 2008?

Answer 3

SAFE Act

Question 4

Which federal law requires financial institutions to file reports of cash transactions exceeding a daily aggregate amount of $10,000?

Answer 4

BSA/AML

Question 5

ABC Mortgage Company has been accused of inappropriately calling two consumers on the National Do Not Call Registry. What is the maximum fine ABC could charge for each violation?

Answer 5

$16,000

Question 6

Which rule requires all financial institutions to design, implement, and maintain safeguards to protect consumer information while it is in the custody and control of the institution and its agents?

Answer 6

Safeguards Rule

Question 7

Which federal act created the CFPB?

Answer 7

Dodd-Frank

Question 8

The rule that bans providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable is —-

Answer 8

MARS Rule

Question 9

A borrower is refinancing her house, which gives her the right to rescind the loan for —-

Answer 9

3 business days including Saturday and excluding Sunday and federal holidays

Question 10

A lender has how many days to notify the borrower of an underwriting decision?

Answer 10

30 Days