Things To Remember Flashcards
If an application for credit is denied based on the Appraisal, or valuation, the borrower has how many days to request a copy—and how many days does the lender have to send a copy?
The borrower has 90 days; and the lender has 30 days.
What does ECOA stand for, what is it’s Regulation, and what is it’s purpose?
ECOA stands for Equal Credit Opportunity Act; Regulation B; and it’s purpose is to make sure everyone has equal opportunity to get credit… “Be Equal.”
What does HMDA stand for, what is it’s Regulation, and what is it’s purpose?
HMDA stands for the Home Mortgage Disclosure Act; Regulation C; and it’s purpose is to help regulators “C” where discrimination takes place.
What does RESPA stand for, what is it’s Regulation, and what is it’s purpose?
RESPA stands for the Real Estate Procedures Act; Regulation X; and it’s purpose is to mandate certain disclosures and outlaw certain lending practices… “REXPA.”
What does TILA stand for, what is it’s Regulation, and it’s purpose?
TILA stands for the Truth-in-lending Act; Regulation Z, and it’s purpose is to deal with credit, APR, and advertising of consumer loans… “TILA the Godzilla.”
What does HPA stand for, what is it’s Regulation, and what is it’s purpose?
HPA stands for the Homeowners Protection Act; it deals with PMI, or private mortgage insurance.
What does PMI stand for, what act is it used under, and what is its purpose?
PMI stands for Private Mortgage Insurance; PMI is under the HPA; and is used when a borrower has under 20% to put down for a conventional loan; the PMI is used to protect the lender.
What does SAFE stand for, and what is its purpose?
SAFE stands for the Secure and Fair Enforcement Act; its purpose is to create a better flow of info to regulators and increase accountability of MLOs.
What does HERA stand for, and what is its purpose?
HERA stands for the Housing and Econominc Recovery Act; HERA is the law that created the SAFE Act.
What does FCRA stand for, what is its regulation, and what is its purpose?
FCRA stands for Fair Credit Reporting Act; Regulation V; and its purpose is to deal with credit reports and credit reporting agencies.
What does the FACT Act stand for, and what is its purpose?
FACT Act stands for Fair and Accurate Credit Transactions Act; this law deals with identity theft.
What does the GLBA stand for, and what is its purpose?
GLBA stands for the Gramm Leach Bliley (SPF) Act. Its purpose is to Safeguarding, Pretexting, and Financial Privacy.
What are the three laws of the GLBA?
SAFEGUARDING: This law states that any store that takes credit card, must have a safeguarding policy that protects credit card info.
PRETEXTING: States that they must have a policy that keeps others from gaining access to your information under “False Pretenses.” Or keep pretenders from getting into your information.
FINANCIAL PRIVACY: This policy governs the collection of “Non-public” information and how it is shared with affiliates. Gives you the opportunity to opt-in or opt-out of having your info shared.
What does HOEPA stand for, what sections matter to MLOs, and what Act is it under, and what is its purpose?
HOEPA stands for Home Ownership and Equity Protections Act. Section 32-High Cost Loans-, and Section 35-High Priced Loans-, and its a part of the larger law, TILA. It protects homeowners when they refinance or get home equity loans. The law attempts to prevent unfair practices from lenders who offer home equity loans.
What does AFBA/ABA stand for, and what is its purpose?
AFBA/ABA stands for Affiliated Business Arrangement. If a business owns 1% of another business, this disclosure must be given to a client if they are referred.
