Things To Remember Flashcards
If an application for credit is denied based on the appraisal(value) under ECOA (regulation B) the borrower has how many days to request a copy from the lender (challenge the value stated in the appraisal)
The borrower has 90 days to request a copy/the lender has 30 days to provide it
Regulation B
ECOA - equal credit opportunity act (creditors have to BE EQUAL when extending credit) applies to credit applications
Regulation C
HMDA - home mortgage disclosure act (allows, regulators to be able to C where possible discrimination is taking place HMDA is found on section 10 of the 10-03 Loan application
Regulation X
RESPA - real estate settlement procedures act (RESPA=REXPA)
Regulation Z
TIL/ TILA - truth in lending act (TILA the Godzilla) deals with credit, APR, and advertising of consumer loans
HPA
Homeowners protection act = PMI - Private Mortgage Insurance
HPA is PMI not MIP
PMI is on Conventional loans not government
PMI is required when the borrower puts less than 20% down payment
PMI protects the lender not the borrower
SAFE ACT
Secure and Fair Enforcement Act
HERA
Housing and Economic Recovery Act
-created the SAFE Act
Regulation V
FCRA - Fair credit reporting act
(Don’t you wanna have a Very good credit report)
Deals with credit reports and credit reporting agency
FACT Act
Fair and Accurate Credit Transactions Act
-sometimes called FACTA
Section 114 Rules — Red Flag Identity Theft Rules
GLB Gramm Leach Bailey Act
(SPF) Safeguarding, Pretexting, and Financial Privacy
Safeguarding Policy — Companies have to have a policy on how to keep our credit card information safe
Pretexting Policy — a policy to keep others from gaining access to your personal information under false pretenses
(Pretenders) security questions like mothers maiden name
Financial Privacy Policy— a policy that governs the collection of non public information and how it’s shared with affiliates
HOEPA - Section 32
High Cost Loans (part of TILA - Reg Z)
HOEPA - Section 35
High Priced Loans - High Priced Loans (part of TILA)
Affiliated business arrangement
Affiliated business arrangement, 1% not10% - immediately or prior to document signing
Civil rights act of 1866
Race
Which of the following can you not discriminate against? A. Age B. Race C. Religion D. All of the above
To the following, can you not discriminate against according to the civil rights act? A. Age B. Race C. Religion D. All of the above
Escrow account
Where companies take taxes, insurance, and mortgage payment together for payment monthly also called an impound account or reserve account this creates a budget mortgage
Budget mortgage
PITI MORTGAGE (principal, insurance, taxes, interest)
