Regulations Flashcards
ECOA
Prohibits discrimination
Race, sex, religion, martial status, age, color, national origin
Can occur thru overt discrimination, disparate treatment, disparate impact- discrimination by group
10 regs affect origination
ECOA RESPA Reg Z Fair Credit reporting Fair Debt collection HOEPA HMDA GRAMM Leach bailey CRA Service members civil act CRA
Fair credit report
Fair, accurate, confidential reporting
Disclosure of credit info used
Fair debt collection
Standard for debt collectors
Prohibits abuse
RESPA
Covers 1-4 family 1st & 2nd liens Requires disclosure of costs Protects against high cost Disclosure of transfer of servicing / gfe/ HUD Eliminates kick backs
Reg z tila
Disclosure of costs, terms and conditions, payment breakdown
Refi 3 business days
Redisclosure / wait period movement & Apr
Arm info
HOEPA
Homeownership equity protection Regulates subprime lending Requires special disclosures Applies to primary residences and helocs Fed 8%
HMDA
Home mortgage disclosure act
Defines discriminatory lending
Annual reporting
CRA
Community reinvestment act
Depository instit meet the needs of the community
Ratings describe the performance
GRAMM leach bliley
Protection of private consumer info
Service members relief act
Protection of active military personnel during times of war.
Cannot initiate foreclosure
Real and personal property
Real is affixed to the land
Fixtures are plumbing, lights, built in appliances
Estate types (5)
Fee simple- most common- do anything to land
Fee simple defeasible- ownership that could last forever- school
Leasehold- contract period of time
Life estate- rights during a human life period of time
Defensible fee - conditions that may not last forever
Sarbanes oxley
Acting standards certified by company management; result of Enron, world comm scandals.
