Things to Remember Flashcards
Regulation B
ECOA. Equal Credit Opportunity Act
Regulation C
HMDA – Home Mortgage Disclosure Act
Regulation X
RESPA – Real Estate Settlement Procedures Act
Regulation Z (Godzilla)
TILA – Truth in Lending Act
HPA
Homeowners Protection Act= private mortgage insurance PMI (conventional loans)
SAFE
Secure and Fair Enforcement Act
HERA
Housing and Economic Recovery Act
Regulation V
Fair Credit Reporting Act –FCRA
FACT Act
Fair and Accurate Credit Transactions
Act
AfBA/ABA
Affiliated Business Arrangement 1%
not 10%
Civil Rights Act
Race
Escrow account
Impound account aka reserve
Mortgage
a written instrument using real property
to secure repayment of a debt.
primary market
where borrowers and lenders
come together to negotiate terms for mortgages. It is
where we, as consumers, obtain mortgages.
Mortgage Banker
Company, individual, or entity that
originates, processes, underwrites, closes/funds, and
services mortgage loans.
Mortgage Broker
Company or individual who, for a
fee, places loans with lenders, but does not service
such loans.
TYPES OF PRIMARY MARKET
Mortgage Banker
– Mortgage Broker
– Commercial Banks
–Savings and Loan Associations (Thrifts)
– Credit Unions
Finance Companies:
– Mutual Savings Banks:
ECOA- REG B
sex, race, religion, color, national origin, age, marital status, receipt of public assistance
FAIR HOUSING ACT
sex, race, religion, color, national origin, disability/handicap, familial status
if an application is denied based on appraisal under ECOA REG B says borrower has
90 days to request a copy and lender has 30 days to deliver
HMDA- HOME MORTGAGE DISCLOSURE ACT REG C
ALLOWS REGULATORS TO C POSSIBLE DISCRIMINATION
FOUND IN SECTION 10 OF 10-03 LOAN APPLICATION
“GOVERNMENT MONITORING SECTION
TILA DEALS WITH
CREDIT, APR, ADVERTISING OF LOAN
what type of loans have private mortgage insurance PMI
conventional loans
PMI is required when the borrower puts less than
20% down
hera is the law that created the
safe act
ECOA REG B
deals with credit APPLICATION
FCRA REG V
deals with credit REPORT
FACT ACT
identity theft
escrow aka
impound or reserve account
what 6 items determine a complete application
- name of borrower
- borrower SSN
- gross monthly income
- loan amount sought
- address of subject property
- estimate of property value
what item is not allowed on complete application?
n/a
when is creditor required to give out intial disclosure?
when they receive at or w/in 3 days of complete application unless turned down of they withdraw
TRID
tila and respa integrated disclosures
RESPA deals with
timing
HMDA SECTION X (10)
helps them (reg) C possible discriminations (ask male or female, race etc.)
PMI protects the
lender but the borrower pays for it
HUD
housing and urban development
PITI
Principle interest taxes and insurance
Regulations H:
SAFE (Secure and Fair Enforcement) Mortgage Licensing Act (SAFE) - State
Compliance and Bureau Registration System
Regulation P:
Privacy of Consumer Financial Information
Regulation O:
Mortgage Assistance Relief Services (MARS)
Regulations N:
Mortgage Acts and Practices (Advertising)
