Purpose of Laws

Question 1

RESPA (Reg X)

Answer 1

Real Estate Settlement Procedures Act

Allows Consumers to obtain information on the costs of closing so that they can shop for settlement services

To protect consumers from excessive settlement costs and unearned fees

Question 2

TRID

Answer 2

TILA-RESPA Integrated Disclosure Rule, “Know Before You Owe”

Question 3

HMDA (Reg C)

Answer 3

Home Mortgage Disclosure Act

Regulation C mandates that depository institutions must annually disclose loan data about the communities to which they provided residential mortgages. This allows regulatory authorities to evaluate whether the lender is adequately meeting the needs of the prospective borrowers in that community

Question 4

S.A.F.E. Act (Reg H)

Answer 4

Secure and Fair Enforcement Act

Purpose: enhance consumer protection and reduce fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators and to participate in a nationwide mortgage licensing system and registry database of residential mortgage loan originators

Question 5

Privacy of Consumer Financial Information (Reg P)

Answer 5

governs the treatment of nonpublic personal information about consumers by the financial institutions for which the Board has primary supervisory authority

Question 6

Mortgage Acts & Practices Advertising (MAP)

Answer 6

Regulates how mortgage lenders, servicers, brokers, advertising agencies and others can advertise mortgage services

Overseen by the FTC

Question 7

Fair Credit Reporting Act (Reg V)

Answer 7

Deals with credit reports & credit reporting agencies

Question 8

Gramm-Leach-Bliley Act (GLB)

Answer 8

Financial Modernization Act

requires financial institutions to explain how they share and protect their customers’ private information

Question 9

TILA (Reg Z)

Answer 9

Truth in Lending Act

Protects people when they use consumer credit

Requires standard disclosures about the terms & costs associated with borrowing

Question 10

ECOA (Reg B)

Answer 10

Equal Credit Opportunity Act

Protects applicants from discrimination in any aspect of a credit transaction

Question 11

HOEPA

Answer 11

Home Ownership and Equity Protection Act

Amendment to TILA, addresses abusive practices in refinances and closed-end home equity loans with high interest rates or high fees