Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

A Mortgage Loan Originator 1978 > SAFE Act: Vocabulary > Flashcards

SAFE Act: Vocabulary Flashcards

1
Q

This is a person who, for a fee, originates loans on behalf of lenders but does not service such loans.

A. What is this called?

A

A. Mortgage Broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

This act is a federal law that ensures that all consumers are given an EQUAL chance to obtain and maintain CREDIT. This is implemented through Regulation ___ and enforced by the Consumer Financial Protection Bureau.

A. What is this act called?
B. Fill In The Blank

A

A. The Equal Credit Opportunity Act (ECOA) of 1974
B. Regulation B

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

This agency was established and used to increase home ownership by providing an insurance program to safeguard the lender against the risk of non-payment. This is currently a division of the Department of Housing and Urban Development (HUD).

A. What is this agency called?

A

A. The Federal Housing Administration (FHA) of 1943

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

This act requires many depository and non-depository lenders to collect and publicly DISCLOSE information about HOUSING-related loans and applications for such loans, including several applicant/borrower demographic characteristics. This act is implemented by the Consumer Financial Protection Bureau’s Regulation ___.

A. What is this act called?
B. Fill In The Blank

A

A. The Federal Home Mortgage Disclosure Act (HMDA) of 1975

B. Regulation C

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

This is a federal agency that oversees and regulates monetary policy, which in turn directly affects interest rates and the availability of credit for consumers. All federally chartered commercial banks must be members of this federal agency.

A. What is this agency called?

A

A. The Federal Reserve System (FRS)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

This regulation implements the Truth in Lending Act to protect people when they use consumer credit.

A. What is this regulation called?

A

A. Regulation Z

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

State-chartered banking institutions, located mostly in the northeastern U.S., owned by depositors and operated for their benefit. Usually, a large portion of their assets are mortgages.

A. What is this called?

A

A. Mutual Savings Banks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Take back or withdraw an offer or contract.

A. What is this called?

A

A. Rescind

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

This is compensation paid to someone in lieu of, or in addition to, their regular salary. This may be a flat rate or percentage of a sale price, but can only be counted as income if they can show consistency with an established 2-year history of these payments.

A. What is this called?

A

A. Commissions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Defined by Regulation ___, which implements RESPA this is the process of executing legally binding documents regarding a lien on property that is subject to a federally related mortgage loan. This part of the loan process may also be called “closing” or “escrow” in different jurisdictions.

A. Fill In The Blank
B. What is this part of the loan process called?

A

A. Regulation X
B. Settlement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

This is intended primarily to help consumers fight the growing crime of identity theft.

A. What is this act called?
B. What old act did this new act amend?

A

A. The Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA)
B. This amended the Federal Fair Credit Reporting Act.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

This government-sponsored agency regulated by the Federal Housing Finance Agency is the first largest buyer of existing mortgages in the secondary mortgage market.

A. What is this agency called?
B. What is it also known as?

A

A. Federal National Mortgage Association
B. FNMA/Fannie Mae

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

It is a government-sponsored entity regulated by the Federal Housing Finance Agency that is a secondary mortgage market participant which purchases mortgage loans from lenders.

A. What is this agency called?

A

A. The Federal Home Loan Mortgage Corporation
FHLMC/Freddie Mac

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

This is a major federal law designed to assist with the revitalization of the U.S. housing market that includes provisions related to foreclosure prevention and consumer protections, as well as establishing minimum standards for licensing and registration of mortgage loan originators.

A. What is this act called?

A

A. Housing and Economic Recovery Act of 2008

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

This was signed into law on July 29, 1998, became effective on July 29, 1999, and was later amended on Dec. 27, 2000. This act establishes provisions for canceling and terminating PMI, sets disclosure and notification requirements, and requires the return of unearned premiums. The Dodd-Frank Act granted authority to the Consumer Financial Protection Bureau (CFPB) to supervise for and enforce compliance with this act in respect to entities within its jurisdiction.

A. What is this act called?
B. What is it also known as?

A

A. The Homeowners Protection Act of 1998
B. HPA or PMI Cancellation Act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The government agency that regulates Savings and Loans in the same manner the Federal Reserve regulates commercial banks.

A. What is this agency called?

A

A. Office of Thrift Supervision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

This act became effective June 20, 1975. The ______ promulgated Regulation X, which is now enforced and interpreted by the Consumer Financial Protection Bureau. The purpose of this act is to help consumers become better shoppers for settlement services and to eliminate unnecessary increases in the costs of certain settlement services due to kickbacks and referral fees. This act also promotes transparency in the servicing of mortgage loans.

A. Fill In The Blank
B. What is this act called?
C. What is it also known as?

A

A. U.S. Department of Housing and Urban Development (HUD)
B. The Federal Real Estate Settlement Procedures Act of 1974
C. RESPA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

This is a body of law that governs transactions involving personal property and sets requirements for negotiable instruments.

A. What is this called?

A

A. Uniform Commercial Code

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

This includes provisions in Title V to protect and regulate the disclosure of consumers’ personal financial information. There are three principal parts to the Title V privacy requirements: Safeguards Rule, Pretexting Provisions, and Financial Privacy Rule.

A. What is this act called?
B. What is it also known as?

A

A. The Federal Financial Services Modernization Act of 1999
B. Gramm-Leach-Bliley Act (GLB Act)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

This is the common name for Title VIII of the _____ and its amendments. The Act prohibits discrimination in the sale or lease of residential property based on the protected classes of race, color, religion, sex (gender), handicap or disability, familial status, and national origin.

A. Fill In The Blank
B. What is the amended act called?

A

A. Civil Rights Act of 1968
B. The Federal Fair Housing Act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

A measurement of the cost of credit, expressed as a nominal yearly rate. It relates the amount and timing of value received by the consumer to the amount and timing of payments made. This is often considered to be the finance charge expressed as a percentage. However, two loans could require the same finance charge and still have different ____ rates because of differing values of the amount financed or of payment schedules.

A. What is this called?
B. Fill In The Blank

A

A. Annual percentage rate (APR)
B. Percentage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

The termination of a contract with each party giving anything acquired under the contract back to the other party.

A. What is this called?
B. What is the verb form?

A

A. Rescission

B. Rescind

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

This federal law promotes the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies. Tia act is implemented through Regulation ____ and enforced by the Federal Trade Commission, the Consumer Financial Protection Bureau, and through civil proceedings by private litigants.

A. Fill In The Blank
B. What is this act called?
C. What is it also known as?

A

A. Regulation V
B.The Fair Credit Reporting Act of 1970
C. FCRA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

As defined by Regulation ___, which implements TILA, this term means a residential structure that contains one to four units, whether or not that structure is attached to real property. The term includes an individual condominium unit, cooperative unit, mobile home, and trailer, if it is used as a residence.

A. Fill In The Blank
B. What is this called?

A

A. Regulation Z
B. Dwelling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

This is a notification that appears in a consumer’s credit file instructing lenders to take extra steps to verify the consumer’s identity before processing any loan applications. The purpose of this notification is to prevent identity thieves and other criminals from securing loans or opening credit accounts.

A. What is this called?

A

A. Fraud Alert

26
Q

Regulation ___ defines this as the cost of consumer credit as a dollar amount. It includes any charge payable by the consumer that is imposed directly or indirectly by the creditor as an incident to or a condition of the extension of credit.

A. Fill In The Blank
B. What is this called?

A

A. Regulation V
B. Finance Charge

27
Q

This is an independent government agency within the Federal Reserve System with rulemaking and enforcement authority over many consumer financial laws. The agency was established under Title X of the _________ .

A. What is this agency called?
B. What is this also known as?
C. Fill In The Blank

A

A.The Consumer Financial Protection Bureau
B. CFPB
C. Dodd-Frank Act

28
Q

As defined by Regulation ___, which implements ECOA. This is a refusal to grant credit in substantially the amount or on substantially the terms requested in an application unless the creditor makes a counteroffer (to grant credit in a different amount or on other terms) and the applicant uses or expressly accepts the credit offered; (ii) A termination of an account or an unfavorable change in the terms of an account that does not affect all or substantially all of a class of the creditor’s accounts; or (iii) A refusal to increase the amount of credit available to an applicant who has made an application for an increase.

A. What is this called?

A

A. Regulation B
B. Adverse Action

29
Q

This was part of the Housing and Community Development Act of 1992, which created a shift in money laundering policy by focusing less on the investigative power of federal agencies and placing more compliance responsibility on financial institutions. This Act established the ______ to advise the Secretary of Treasury on matters related to the administration of the Bank Secrecy Act. Due to the scope of this act and its complementary relationship to the Bank Secrecy Act, this Act is generally referred to jointly.

A. What is this act called?
B. What is this act also known as?
C. What is this act called when referred to jointly?
D. Fill In The Blank

A

A. The Annunzio-Wylie Anti-Money Laundering Act of 1992
B. AML Act
C. BSA/AML Act
D. Bank Secrecy Act Advisory Group (BSAAG)

30
Q

This requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, this requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. Several anti-money laundering acts have been enacted up to the present to amend the this act leading to the act now being commonly referred to as the ______.

A. Fill In The Blank
B. What is this act called?
C. What is this act also known as?

A

A. BSA/AML Act
B. Bank Secrecy Act The Currency and Foreign Transactions Reporting Act of 1970
C. “Bank Secrecy Act” or “BSA”

31
Q

In Regulation Z, which implements ______, this is not the same thing as closing or settlement. This occurs when the consumer becomes contractually obligated to the CREDITOR on the loan, not, for example, when the consumer becomes contractually obligated to a SELLER on a real estate transaction.

A. What act implements this regulation?
B. What is this term called?

A

A. TILA
B. Consummation

32
Q

The ______ Rule defines this as the receipt of a borrower’s name, Social Security number(s), gross monthly income, the subject property address, the loan amount, and an estimate of the value of the subject property. The obligation to provide the _________ and other application disclosures is not triggered until the consumer submits the six pieces of information required for a complete application under this Rule.

A. Fill In The Blank
B. Fill In The Blank
C. What is it called when all of this information is submitted?

A

A. TILA-RESPA
B. Loan Estimate
C. A Completed Loan Application

33
Q

This was implemented to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘‘too big to fail’’, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes. Title ____ of this Act creates a new Bureau of Consumer Financial Protection within the Federal Reserve Board as a new supervisor for certain financial firms and as a rule-maker and enforcer against unfair, deceptive, abusive, or otherwise prohibited practices relating to most consumer financial products or services. Title _____ of the Act amends the Truth in Lending Act, the Equal Credit Opportunity Act, and other consumer financial laws to prevent mortgage-related abuses and to improve availability of responsible, affordable mortgage credit.

A. Fill In The Blank
B. Fill In The Blank
C. What is this act called?
D. What is this act also known as?

A

A. Title X
B. Title XIV
C. Dodd-Frank Wall Street Reform and Consumer Protection Act
D. Dodd-Frank Act.

34
Q

This is implemented by Regulation ___, of ECOA which defines this demographic, ________ as 62 years of age or older.

A. Fill In The Blank
B. Fill In The Blank

A

A. Regulation B
B. Elderly

35
Q

As defined by this act, this means a contract or other record created, generated, sent, communicated, received, or stored by electronic means.

A. What is this act called?
B. What is form of communication called?

A

A. The E-Sign Act
B. Electronic Record

36
Q

As defined by the E-Sign Act, this is an electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record.

A. What is this called?

A

A. Electronic Signature

37
Q

This act provides a general rule of validity for electronic records and signatures for transactions in or affecting interstate or foreign commerce. This act allows the use of electronic records to satisfy any statute, regulation, or rule of law requiring that such information be provided in writing if the consumer has affirmatively consented.

A. What is this act called?
B. What is this also known as?

A

A. The Electronic Signatures in Global and National Commerce Act
B. E-Sign Act

38
Q

This is a relationship that may allow a telemarketer or seller to call a consumer for up to 18 months after the consumer’s last purchase, delivery, or payment even if the consumer’s number is on the National Do Not Call Registry.

A. What is this called?

A

A. Established Business Relationship (EBR)

39
Q

This is a government-sponsored enterprise, created by Congress, but privately funded, that supports mortgage lending and related community investment for its member banks and financial institutions.

A. What is this called?

A

A. Federal Home Loan Bank System (FHLB)

40
Q

This agency of the Department of Housing and Urban Development (HUD) operates in the _______ mortgage market. It is involved with special government financing programs, e.g., FHA-insured and VA-guaranteed loans.

A. Fill In The Blank
B. What is this called?
C. What is this also known as?

A

A. Secondary
B. The Government National Mortgage Association
C. GNMA/Ginnie Mae.

41
Q

This Act, amends the Truth in Lending Act, and establishes disclosure requirements and prohibits equity stripping and other abusive practices in connection with high-cost mortgages. The Dodd-Frank Act made substantial amendments to this Act. This act is implemented by Regulation Z of TILA.

A. What is this act called?
B. What is this act also known as?

A

A. Home Ownership and Equity Protection Act
B. HOEPA

42
Q

This rule sets forth that an MLO cannot be compensated for loan origination activities based on any other loan term other than the loan amount. Any compensation that is based on loan terms or conditions such as interest rate, annual percentage rate (APR), loan-to-value (LTV), etc., is prohibited (NOT ALLOWED) by the Rule. This was implemented by Regulation Z of _____.

A. Fill In The Blank
B. What Is The Name Of This Rule?

A

A. TILA
B. The Loan Originator Compensation Rule

43
Q

This is a national registry managed by the Federal Trade Commission that limits commercial telemarketers from phoning consumers who place their telephone numbers on a list.

A. What is this called?

A

A. National Do Not Call Registry

44
Q

This rule requires that financial institutions and creditors implement a written identity theft prevention program.

A. What Is The Name Of This Rule?
B. What is the section number of this rule?
C. What act enforces this rule?

A

A. Red Flags Rule
B. Section 114 of the FACT Act is known as the Red Flags Rule.
C. The January 1, 2011, Federal Trade Commission (FTC) started to enforce the Fair and Accurate Credit Transactions Act (FACTA or FACT Act).

45
Q

As defined by Regulation Z, which implements TILA, this means a transaction in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained in the consumer’s principal dwelling to finance the acquisition or initial construction of that dwelling.

A. What is this called?

A

A. Residential Mortgage Transaction

46
Q

Regulation X defines this as any service provided in connection with a prospective or actual settlement, including origination of a federally related mortgage loan including, but not limited to, the taking of loan applications, loan processing, and the underwriting and funding of such loans or rendering of credit reports and appraisals.

A. What is this called?

A

A. Settlement Service

47
Q

This rule requires telemarketers to make specific disclosures of material information; prohibits misrepresentations; sets limits on the times telemarketers may call consumers; prohibits calls to a consumer who has asked not to be called again; and sets payment restrictions for the sale of certain goods and services.

A. What Is The Name Of This Rule?

A

A. The Telemarketing Sales Rule

48
Q

This rule consolidates four disclosure forms that were formally required under ____ and ____ for closed-end credit transactions secured by real property or cooperative unit into two forms: a Loan Estimate that must be delivered or placed in the mail no later than the third business day after receiving the consumer’s application, and a Closing Disclosure that must be provided to the consumer at least three business days prior to consummation.

A. Fill In The Blank
B. Fill In The Blank
C. What Is The Name Of This Rule?

A

A. TILA
B. RESPA
C. TILA-RESPA Integrated Disclosure Rule

49
Q

The purpose of this act is to deter and punish terrorist acts in the United States and around the world to enhance law enforcement investigatory tools for anti-terrorist purposes.

A. What is this act called?
B. What is this act also known as?

A

A. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
B. The USA Patriot Act

50
Q

This regulation implements the Equal Credit Opportunity Act. The purpose of this is to protect applicants from discrimination in any aspect of a credit transaction.

A. What is the name of this regulation?

A

A. Regulation B

51
Q

This regulation implements the Home Mortgage Disclosure and requires many financial institutions to collect, report, and disclose certain information about their mortgage lending activity.

A. What is the name of this regulation?

A

A. Regulation C

52
Q

This implements the Privacy of Consumer Financial Information. It requires financial institutions to provide certain privacy notices and to comply with certain limitations on the disclosure of nonpublic personal information to nonaffiliated third parties.

A. What is the name of this regulation?

A

A. Regulation P

53
Q

This regulation implements the Fair Credit Reporting covering topics such as identity theft; duties of furnishers of information; duties of users of consumer reports; duties of consumer reporting agencies; file disclosures to consumers; affiliate marketing; and use of medical information.

A. What is the name of this regulation?

A

A. Regulation V

54
Q

This regulation implements the Real Estate Settlement Procedures Act to protect consumers when they apply for and have mortgage loans. This covers topics such as prohibitions on kickbacks and unearned fees, mortgage origination and servicing disclosures, affiliated business arrangements, title insurance, escrow accounts, list of homeownership counseling organizations, mortgage loan servicing requirements, force-placed insurance, mortgage loan servicing error resolution and borrower information requests, and loss mitigation.

A. What is the name of this regulation?

A

A. Regulation X

55
Q

This act was designed to promote the informed use of consumer credit through proper disclosure and allow for the rescission of certain transactions secured by a borrower’s principal dwelling. It is administered by the Consumer Financial Protection Bureau. The most relevant provisions of this act are contained in Title ___ of the Consumer Credit Protection Act and are implemented by Regulation Z.

A. Fill In The Blanks
B. What is this act called?

A

A. Title I
B.The Federal Truth in Lending Act (TILA) of 1968

56
Q

This regulation covers topics such as annual percentage rates, credit card disclosures, periodic statements, mortgage loan disclosures, mortgage loan servicing requirements, and mortgage loan appraisal requirements.

A. What is this regulation called?

A

A. Regulation Z

57
Q

This is a legal claim against property that can be used as collateral to repay a debt. Depending on the type of debt owed, this can be attached to real property, such as a home, or personal property, such as a car or furniture.

A. What is this called?

A

A. Lien

58
Q

This act contains seven major titles:
1. Identity Theft Prevention and Credit History Restoration
2. Improvements in Use of and Consumer Access to Credit Information
3. Enhancing the Accuracy of Consumer Report Information
4. Limiting the Use and Sharing of Medical Information in the Financial System
5. Financial Literacy and Education Improvement
6. Protecting Employee Misconduct Investigations
7. Relation to State Laws

A. What is this act called?
B. What is this also known as?
C. What old act did this new act amend?

A

A. The Fair and Accurate Credit Transactions Act of 2003
B. FACT Act or FACTA
C. This amended the Federal Fair Credit Reporting Act.

59
Q

There are three principal parts to the Title ___ privacy requirements of The Gramm-Leach Bliley Act:

A. Fill In The Blank
B. Name The Three Provisions

A

A. Title V
B.
1. Safeguards Rule
2. Pretexting Provisions
3. Financial Privacy Rule.

60
Q

The TILA-RESPA Rule defines this as the only information required for a completed loan application that would create the obligation to submit a loan estimate and provide disclosures to the consumer.

A. What is the acronym?
B. What are the requirements?

A

A. ALIENS
B.
A: Address
L: Loan Amount
I: Income
E: Estimate Of Property Value
N: Name of Borrower
S: Social Security Number

A Mortgage Loan Originator 1978 (18 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions