Regulation Flashcards
What is the primary purpose of Reg Z?
To promote informed use of consumer credit by requiring disclosures about some its terms and costs.
Application of TRID. What has to be included?
A = Property Address L = Loan Amount I = Borrowers Monthly Income E = Estimate of Value of the Property N = Applicant’s Name S = Applicant’s Social Security Number
Under TRIDA, how many days after receipt of a complete application must a loan estimate be provided?
Three business days
Per FirstBank policy, what must be provided to a customer applying for a home loan?
Your Home Loan Toolkit
How many days do we have to revise and send a Revised Loan Estimate after receiving qualifying information that constitutes a change in assessed charges?
Three business days
What is FirstBanks practice when mailing the Closing Disclosures to the borrower?
Mail no later than 6 days before closing. Customer needs to receive them at least 3 days before closing.
What is the purpose of RESPA?
Provide pertinent and timely disclosure regarding the nature and costs of real east are settlements for certain federally related mortgage loans.
What covers the regulation of management and disclosure of escrow accounts as well as provide information about the sale or transfer of servicing?
RESPA
Lenders may not accept or give gifts, pay fees, or receive any monetary incentives for business referrals. What policy is this under?
RESPA
Uniform disclosures concerning the costs and terms associated with obtaining credit
Clear and conspicuous information
Shop for credit/compare fees and rates
Enhance competition
Regulation Z’s Primary Purpose
Reg Z only covers which kind of customers?
Individuals (consumers)
What is the name of Regulation Z?
Truth in Lending Act
Equal Credit Opportunity Act (ECOA)
Regulation B
Home Mortgage Disclosure Act (HMDA)
Regulation C
Truth in Lending Act (TILA)
Regulation Z
