Rules & Acts Flashcards
Ability to Repay RULE
ATR
Mortgage Assistance Relief RULE
MAR
TILA-RESPA Integrated Disclosure RULE (TRID)
TRID
Do Not Call RULE
DNC
Mortgage Acts and Practices Act “The MAP” RULE
MAP
Qualified Mortgage RULE
QM
Red Flags RULE
Disposal RULE
Safe Guard RULE
Bank Secrecy ACT
BSA
Equal Credit Opportunity ACT
ECOA
Fair and Accurate Credit Transactions ACT
FACTA
Fair Credit Reporting ACT
FCRA
Gramm-Leach Bliley ACT
GLB
Home Mortgage Disclosure ACT
HMDA
Home Ownership and Equity Protection ACT
HOEPA
Mortgage Disclosure Improvement ACT
MDIA
Real Estate Settlement Procedures ACT
RESPA
Main purpose is to educate borrowers on their loan.
Important terms related to this law:
Kickbacks and Referral Fee and any other form of valuable compensation -
Fall under Section 8 of RESPA, violations are up to $10,000 and 1 year in prison or both.
Referring to Affiliated Business Arrangement (ABA) = ownership interest of more than 1% then ABA disclosure most be given at that time.
Escrow Requirements - monthly 1/12 and cushion of 1/6
Transfer of Servicing - if lender anticipates selling the servicing rights then must send notice to borrow within 3 days after application. (other notifications) former servicer = 15 days before and new servicer = 15 day after.
no late fees during the 60 day period
Enforced by: CFPB
Does not cover: vacant land, tracks of land 25 acres or more, even if there is a dwelling on it, Commercial or business loans, the government agencies or instrumentalities, temporary financing like bridge loans or swing loans.
Truth in Lending ACT
TILA-Reg Z
Main Purpose is to protect consumers from predatory lending practices
