MAP (Mortgage Acts and Practices), HUD and VA Rule on Equal Access to Housing, E-Sign Act

Question 1

What does MAP stand for and what is its regulation?

Answer 1

Mortgage Acts and Practices—Advertising; Regulation N.

Question 2

Why was the MAP issued?

Answer 2

To prohibit false or misleading advertising of mortgage products.

Question 3

Under MAP, copies of all advertisements must be kept for how long?

Answer 3

At least 2 years.

Question 4

What does HUD and VA Rule on Equal Access to Housing do?

Answer 4

1. ) Ensures that all HUD programs are open to eligible persons regardless of sexual orientation, gender identity, or marital status.
2. ) It Prohibits entities and MLOs from inquiring about an applicant’s or occupant’s sexual orientation or gender identity for the purpose of determining eligibility, or making housing available.

Question 5

What does the E-Sign Act stand for and for what purpose?

Answer 5

Electronic signatures in Global & national Commerce Act; was passed in order to address the validity of electronic signatures and the use of electronic disclosures.

Question 6

Under E-Sign Act, for an entity to send required docs. to a consumer solely in an electronic format, they must first do what?

Answer 6

Receive the consumer’s consent.

Question 7

In general, what rights does the E-Sign Act give to consumers?

Answer 7

That consumers can not be forced to sign a document via electronic signature.