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Mortgage Loan Originating > Things to Remember > Flashcards

Things to Remember Flashcards

1
Q

Regulation B

A

ECOA. Equal Credit Opportunity Act

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2
Q

Regulation C

A

HMDA – Home Mortgage Disclosure Act

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3
Q

Regulation X

A

RESPA – Real Estate Settlement Procedures Act

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4
Q

Regulation Z (Godzilla)

A

TILA – Truth in Lending Act

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5
Q

HPA

A 
Homeowners Protection Act= private mortgage
insurance PMI (conventional loans)
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6
Q

SAFE

A

Secure and Fair Enforcement Act

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7
Q

HERA

A

Housing and Economic Recovery Act

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8
Q

Regulation V

A

Fair Credit Reporting Act –FCRA

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9
Q

FACT Act

A

Fair and Accurate Credit Transactions

Act

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10
Q

AfBA/ABA

A

Affiliated Business Arrangement 1%

not 10%

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11
Q

Civil Rights Act

A

Race

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12
Q

Escrow account

A

Impound account aka reserve

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13
Q

Mortgage

A

a written instrument using real property

to secure repayment of a debt.

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14
Q

primary market

A

where borrowers and lenders
come together to negotiate terms for mortgages. It is
where we, as consumers, obtain mortgages.

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15
Q

Mortgage Banker

A

Company, individual, or entity that
originates, processes, underwrites, closes/funds, and
services mortgage loans.

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16
Q

Mortgage Broker

A

Company or individual who, for a
fee, places loans with lenders, but does not service
such loans.

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17
Q

TYPES OF PRIMARY MARKET

A

Mortgage Banker

– Mortgage Broker

– Commercial Banks

–Savings and Loan Associations (Thrifts)

– Credit Unions

Finance Companies:

– Mutual Savings Banks:

18
Q

ECOA- REG B

A

sex, race, religion, color, national origin, age, marital status, receipt of public assistance

19
Q

FAIR HOUSING ACT

A

sex, race, religion, color, national origin, disability/handicap, familial status

20
Q

if an application is denied based on appraisal under ECOA REG B says borrower has

A

90 days to request a copy and lender has 30 days to deliver

21
Q

HMDA- HOME MORTGAGE DISCLOSURE ACT REG C

A

ALLOWS REGULATORS TO C POSSIBLE DISCRIMINATION
FOUND IN SECTION 10 OF 10-03 LOAN APPLICATION
“GOVERNMENT MONITORING SECTION

22
Q

TILA DEALS WITH

A

CREDIT, APR, ADVERTISING OF LOAN

23
Q

what type of loans have private mortgage insurance PMI

A

conventional loans

24
Q

PMI is required when the borrower puts less than

A

20% down

25
Q

hera is the law that created the

A

safe act

26
Q

ECOA REG B

A

deals with credit APPLICATION

27
Q

FCRA REG V

A

deals with credit REPORT

28
Q

FACT ACT

A

identity theft

29
Q

escrow aka

A

impound or reserve account

30
Q

what 6 items determine a complete application

A
  1. name of borrower
  2. borrower SSN
  3. gross monthly income
  4. loan amount sought
  5. address of subject property
  6. estimate of property value
31
Q

what item is not allowed on complete application?

A

n/a

32
Q

when is creditor required to give out intial disclosure?

A

when they receive at or w/in 3 days of complete application unless turned down of they withdraw

33
Q

TRID

A

tila and respa integrated disclosures

34
Q

RESPA deals with

A

timing

35
Q

HMDA SECTION X (10)

A 
helps them (reg) C possible discriminations 
(ask male or female, race etc.)
36
Q

PMI protects the

A

lender but the borrower pays for it

37
Q

HUD

A

housing and urban development

38
Q

PITI

A

Principle interest taxes and insurance

39
Q

Regulations H:

A

SAFE (Secure and Fair Enforcement) Mortgage Licensing Act (SAFE) - State
Compliance and Bureau Registration System

40
Q

Regulation P:

A

Privacy of Consumer Financial Information

41
Q

Regulation O:

A

Mortgage Assistance Relief Services (MARS)

42
Q

Regulations N:

A

Mortgage Acts and Practices (Advertising)

Mortgage Loan Originating (7 decks)

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