+
Cards In This Set
| Front | Back |
|
According to RESPA (Real Estate Settlement Procedures Act, Reg X), a lender making a loan with escrow included is able to collect a maximum cushion of how many months at closing?
|
Two
|
|
A borrower has a three-year right of rescission if the true APR on a fixed rate loan deviates from the final TIL (Truth In Lending, Reg Z) by more than?
|
1/8
|
|
A lender has how many days to notify the borrower of an underwriting decision?
|
30
|
|
A loan’s APR must be disclosed to the consumer on the?
|
|
|
A Mortgage Servicing Disclosure Statement is required by what law?
|
|
|
A state law that requires payment of interest on an escrow account
|
Consistent with RESPA (Reg X) and could therefore be enforced by the state.
|
|
ABC Mortgage Company has been accused of inappropriately calling four consumers on the National Do Not Call Registry. What is the total maximum fine ABC could incur for this?
|
$44,000
|
|
According to ECOA (Equal Credit Opportunity Act, Reg B) law, the loan officer is considered to have taken an application when
|
Loan officer has gathered enough information to make a decision
|
|
According to HMDA (Home Mortgage Disclosure Act, Reg C), a first mortgage will be considered a subprime loan when the difference between the annual percentage rate and the rate spread is greater than?
|
3%
|
|
According to HMDA (Home Mortgage Disclosure Act, Reg C), what must be forwarded to the regulator by March 1 of each year?
|
Loan/Application Register
|
|
According to RESPA (Real Estate Settlement Procedures Act, Reg X), an Affiliated Business Arrangement (AfBA) disclosure must be provided?
|
At or prior to the time a referral is made, if there is an AfBA.
|
|
According to the ECOA (Equal Credit Opportunity Act, Reg B), an adverse action notice is NOT required to include the?
|
Appraiser’s name
|
|
According to the FACT Act (Fair and Accurate Transaction Act), which of these could be considered a failure to secure private information?
|
Throwing documents into the trash for the cleaning crew to empty nightly
|
|
According to the FACT Act (Fair and Accurate Transaction Act), which situation would NOT be a reason for a consumer to add an ID alert to a credit report?
|
A woman who changes her name after a divorce
|
|
According to the Fair Credit Reporting Act (FCRA), if adverse action is taken against a credit applicant because of information on a credit report, the lender who used that report is required to?
|
Provide to the consumer the name, address, and telephone number of the consumer reporting agency that furnished the report
|
