TILA
Established 7 BD's waiting period between initial disclosure and closing
MDIA
How many sections are in RESPA
4
Option
Hybrid
Traditional
REGULATION P comes from?
GLBA
GPM
Graduated Payment Mortgage
1.5% over APOR on a first lien
HPML
What are the 4 sections?
Servicing
Referrals
Title Agent
Escrow
The interest rate at the time of loan closing
Note Rate
Can I have your phone number, favorite pets name and your mothers maiden name?
Pretexting-GLBA
GSE
Government Sponsored Enterprises
Need counseling for this loan but no mandatory escrow
HOEPA
9
10/1 is a form of a...
Hybrid Arm
Disposal Rule
FACTA
SFHGLP
Single Family Housing Guaranteed Loan Program
1.Income and Assets
2. Employment
3. Amount of new Mortgage payment
4.Other Mortgage Payments
5. Current Debt obligations
6. Current Debt Obligatoins
7. DTI and Residual Income
8. Credit History
What are the disclosures?
MSDS
NTS
ABA
Initial and Annual Escrow
Homeownership Counseling Organizations List
Home Loan Tool Kit
Good Faith Estimate
HUD-1 SS
LIBOR
COFI
T-BILL
Red Flags comes from?
FCRA and FACTA
E-Sign Act
Electronic Signatures in Global and National Commerce Act
Maximum DTI is 43%
Total Points and Fees Cant exceed 3% of LA
Max Term 30 years
What is the Penalty for Referrals?
10,000 and up to 1 yr prison
If the Note Rate is 5.25%
Margin of 2.25% and Caps of 2/2/5
What is the maximum Rate?
What is the lowest it can go?
Max: 10.25%
Min: 2.25%
Name the 4 Credit Alerts from FCRA
Credit Blocking
Active Duty Alert
Extended Fraud Alert
Once Call Fraud Alert
USA Patriot Act
Uniting and Strengthening of America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act