Numbers Galore
This is the loan term of a Qualified Mortgage (QM).
What is less than or = to 30 years?
Consumers have a right to purchase their credit scores under this act.
What is the Fair and Accurate Credit Transaction Act (FACTA)
The penalties under FCRA for Civil (willful)
What are Actual and punitive damages + legal costs
True or False: A mortgage loan originator may not consider the applicant's immigration status when applying for a mortgage loan.
What is False?
Mortgage Fraud (under FERA) maximum prison sentence
What is 30 years
This is the max DTI ratio for QM Mortgages.
What is 43%?
This act is enacted to promote the accuracy, fairness, and privacy of consumer information (Equifax, Experian, Transunion)
What is the Fair Credit Reporting Act (FCRA)
This regulation applies to consumer-purpose, closed-end loans and open-end lines of credit that are secured by a dwelling.
What is Regulation C?
True or False: A transaction is a higher-priced mortgage if it has 6.5 points for first-lien transactions $50,000 and above.
What is False
Prison sentence for violating RESPA (Reg X) Section 8
What is 1 year in jail
HMDA - 1st offense penalty
What is $50,000
This regulation permits only the terms "married", "Unmarried", and "separated"?
What is Regulation B or ECOA
The penalties under FCRA: Civil negligence
What are Actual damages + legal costs
True or False: The Gramm-Leach-Bliley Act (GLBA) protects the privacy information held by financial institutions.
True
The penalty for falsely accessing a credit report/ disclosing info to unauthorized people will get you a fine of $5K and/or this amount of hard time.
What is 1yr jail ?
This is the 2nd offense penalty for HMDA.
What is $100,000?
The Home Mortgage Disclosure Act is under what regulation?
What is Regulation C ?
Under HPA, at this LTV of original value lender must cancel PMI w/in 30 days
What is 78%
True or False: Reverse mortgages are allowed under the Home Ownership Equity Protection Act
What is False
Statute of limitations for mortgage fraud (under FERA)
What is 10 years
These mortgages are also called High-Cost Mortgages.
What are Section 32 Mortgages ?
The Bureau that oversees HMDA - Home Mortgage Disclosure Act is called what?
Who is the CFPB?
Regarding QM loans, this concept is fundamental to loans of this type -- It's good to see the balance go down through the term.
What is fully amortizing (or closed-end)?
True or False: Dodd-Frank requires lenders to ensure the borrower's ability to repay.
True
Dodd Frank Violation: Civil liability/statute of limitations
What is 3 yr statute of limitations