Truth In Lending Act (TILA)/ Regulation Z Flashcards
What are some products that fall under TILA?
Credit Cards, Cash Reserves, Etc
Requires disclosures concerning the costs and terms associated with obtaining credit.
Truth in Lending Act (TILA)/ Regulation Z
Applies to any credit extended to a consumer primarily for _________, __________, or __________ purposes.
Personal, family, household
Credit extended primarily for business, commercial, or agricultural purposes or an extension of credit to an entity other than a natural person are _________.
Excluded
The ___________ of the loan, not the ____________, will determine if it is consumer or commercial
Purpose, collateral
For HELOC’s, Initial disclosures must be provided at ___________, or within _________ business days if application is received over the phone.
Application, three
For mortgages, initial disclosures must be provided at ____________, or within _________ business days if application is received over the telephone.
Application, three
What 4 things must be provided at mortgage loan application.
1003
FIRM disclosures
CHARM booklet
Your Home Loan Toolkit
What 6 things come in loan kits?
1003 application IRS form 4506-T Borrowers Signature Authorization Insurance Policy Information FIRM 5 and FIRM 7 Disclosures CHARM Booklet Your Home Loan Toolkit
What document allows us to collect information from applicants other non-FirstBank accounts?
Borrower Signature Authorization
What form gives us permission to retrieve applicant tax information?
IRS form 4506T
CFPB publication to educate consumers on ARM’s.
CHARM booklet
Publication from CFPB on how to read loan information.
Your Home Loan Tool Kit
What loan type is exempt from TILA-RESPA?
HELOC
What constitutes an application under TRID?
A - Address L - Loan Amount I - Income (monthly) E - Estimated Property Value N - Name (borrowers) S - SSN
