3 business days
How long prior to closing does TILA require that the Closing Disclosure be provided to the borrower, if requested?
Borrower's receipt of public assistance
Under ECOA, what is not considered adversely when underwriting a loan?
three years
According to the Truth in Lending Act, a borrower on a refinance transaction to whom the APR has NOT been disclosed has the right to rescind the loan for
before disclosing information to non-affiliated third parties
The Primary Rule of the Gramm-Leach Bliley Act requires financial institutions to provide the borrower with a Consumer Privacy policy
Home Ownership and Equity protection Act (HOEPA)
what law defines a high cost loan, also know as a Section 32 loan?
Home Mortgage Disclosure Act
while it is unlawful to consider race when underwriting a loan, what federal legislation requires that this information be included on the loan application?
SAFE Act (HERA)
what is the more common name of Title V of the Housing and Economic Recovery Act of 2008?
Bank Secrecy Act/Anti-Money Laundering (BSA/AML)
which federal law requires financial institutions to file report of CASH TRANSACTIONS exceeding a daily aggregate amount of $10,000?
$16,000
ABC Mortgage company has been accused of inappropriately calling two consumers on the National Do Not Call Registry. What is the maximum fine ABC could for EACH violation?
Safegaurds Rule
which rule requires all financial institutions to design, implement, and maintain SAFEGAURDS to protect consumer information while it is in the custody and control of the institution and its agents?
Dodd-Frank Act
which federal act created the Consumer Financial Protection Bureau (CFPB) ?
MARS Rule
The rule that bans providers of mortgage foreclosure rescue and LOAN MODIFICATION SERVICES from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable is the
vacant land loans less than 25 acres
what loan type is NOT included in the Home Mortgage Disclosure Act?
three business days including Saturday, and excluding Sunday and federal holidays.
A borrower is refinancing her house, which gives her the right to rescind the loan for
30
A lender has how many days to notify the borrower of an underwriting decision ?
real estate credit transactions for one- to four- family dwellings
RESPA applies to all
Loan Estimate
A loans initial APR must be disclosed to the consumer on the
30
According to the FCRA, how many days does a credit information provider usually have to respond to the consumer after recieving a notice of a dispute?
place all loan applications and documentation in a secure place when not working on them.
to comply with the Fair and Accurate Credit Transactions Act (FACTA), a mortgage loan originator should
on the seventh business day after delivery of required disclosures
As a result of the Mortgage Disclosure Improvement Act, how soon can a residential loan close?
government recording charges
of these settlement charges, which is allowed to show a 10% tolerance between the Loan Estimate and the actual charge at closing?
10
The estimate for most settlement charges shown on a Loan Estimate must be available for at least __ business days.
credit report fee
which fee can be imposed prior to delivery of a Loan Estimate?
RESPA (REFFERALS)
A mortgage broker rents office space from a title company at a discount in exchange for REFERRING customers for settlement services. which federal law does this arrangement violate?
three business days after redisclosure
The APR on the initial Loan Estimate for a 30-year fixed rate loan is 5.99%, and the APR on the closing Disclosure is 6.25%. After redisclosure, how long must the borrower wait to close the loan
an APR that exceeds the applicable average prime offer rate by at least 1.5% on first liens.
According to Mortgage Disclosure Improvement Act (MDIA), a "higher-priced loan" is one that has
A. interst-only loan offerings.*
B. limits on debt to income ratios.
C. no excessie upfront points and fees.
D. no terms beyond 30 years.
the Dodd-Frank Act definition of a qualified mortgage includes all of these features EXCEPT
cash purchases of negotiable instruments
To comply with the Bank Secrecyy Act/Anti-Money Laundering Act, financial institutions must keep records of any
the loan originator regretted overlooking certain liabilities in order to qualify the borrower for a better interest rate.
what would not be an acceptable reason to provide a revised Loan Estimate to a borrower?
a fixed percentage of the loan amount.
what is an acceptable condition on which to base a mortgage loan originators compensation?