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MLO License > MLO Short Hand > Flashcards

MLO Short Hand Flashcards

All the Letters of the Loan Alphabet

1
Q

RESPA [stands for]

A

Real Estate Settlement Procedures Act

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2
Q

ECOA [stands for}

A

Equal Credit Opportunity Act

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3
Q

TILA [stands for]

A

Truth in Lending Act

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4
Q

HOEPA [stands for]

A

Home Ownership & Equity Protection Act

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5
Q

TRID Rule [stands for]

A

TILA-RESPA Integrated Disclosure Rule

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6
Q

HPA [stands for]

A

Homeowners Protection Act

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7
Q

S.A.F.E. Act [stands for]

A

Secure And Fair Enforcement [for Mortgage Licensing} Act

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8
Q

HMDA [stands for]

A

Home Mortgage Disclosure Act

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9
Q

FCRA [stands for]

A

Fair Credit Reporting Act

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10
Q

FACTA [stands for]

A

Fair & Accurate Credit Transactions Act

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11
Q

FTC [stands for]

A

Federal Trade Commission [Red Flags Rule]

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12
Q

BSA & AML [stands for]

A

Bank Secrecy Act || Anti-Money Laundering Law [USA PATRIOT Act]

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13
Q

GLB [stands for]

A

Gramm-Leach-Bliley Act

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14
Q

MAP [stands for]

A

Mortgage Acts & Practices Rule

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15
Q

ATR [stands for]

A

Ability To Repay Rules

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16
Q

QM [stands for]

A

Qualified Mortgage Rules

17
Q

CFPB [stands for]

A

Consumer Financial Protection Bureau

18
Q

HUD [stands for]

A

Department of Housing & Urban Development

19
Q

DTI [stands for]

A

Debt-To-Income (ratio)

20
Q

YSP [stands for]

A

Yield Spread Premium [Borrower Credit]

21
Q

LTV [stands for]

A

Loan To Value

22
Q

MI [stands for]

A

Mortgage Insurance

23
Q

HELOC [stands for]

A

Home Equity Line Of Credit

24
Q

DOJ [stands for]

A

United States Department of Justice

25
Q

CCPA [stands for]

A

Consumer Credit Protection Act

26
Q

APR [stands for]

A

Annual Percentage Rate

27
Q

CHARM Booklet [stands for]

A

Customer Handbook on Adjustable-Rate Mortgages (CHARM) Booklet

28
Q

PMI

A

Private Mortgage Insurance

29
Q

MIP

A

Mortgage Insurance Premium

30
Q

ARM

A

Adjustable Rate Mortgages

MLO License (5 decks)

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