Disclosures: What is it called, and when do you send it.
The name of this disclosure is delivered at application or within 3 days, and informs borrower that their loan may be assigned to a new servicing company.
Mortgage Servicing Disclosure Statement
Receiving a prohibited kickback or "thing of value" under RESPA section 8 may result in what fine and penalty:
What is up to $10,000 and up to 1 year in prison?
Section 5 of the URLA:
What is Declarations?
Also determined by adding subsection "D" through "I" of Page 2 of the Loan Estimate, Subsection J includes this "line item":
What are Total Loan Costs?
According to RESPA, these three disclosures must be retained 5 years from settlement
HUD-1 Settlement, the Affiliated Business Arrangement Disclosure, and the Mortgage Servicing Disclosure Statement.
The name of this disclosure is delivered at application or within 3 business days, the lender is ultimately responsible for consumer receiving it, and one of the exemptions is for time shares.
Home Ownership Counseling Organizations List
This amount multiplier is both what borrowers can sue for if Section 9 of of Regulation X is violated, and if a MLO knowingly violates Section 36 of Regulation Z:
What is 3 times (amount of insurance charged, and in paid to originator respectively) ?
Assets and Liabilities are included on this section of the URLA:
What is Section 2?
Services you cannot shop for are on this page of the Loan Estimate, in this sub-section:
What is Page 2 subsection B?
These two items are considered "Loan Costs" according to TRID (Hint: they are the aggregated in "Subsection D" on Page 2 of the Loan Estimate:
What are Origination Charges and Services Required by the Lender?
Under Regulation B the "Notice of Action Taken" and "Incomplete Application" disclosures must be retained for this long, and sent within this many days of application, and request for additional application information, respectively:
What is kept for 25 months, and sent within 30 days?
The range of monetary fines for violating Regulation Z:
What is $400-$4,000?
This full name of this act requires the collection of data in relation to this section of the loan application, to ensure consumers aren't being discriminated against based on where they are applying to live:
What is the Home Mortgage Disclosure Act?
The last line on Page 1 of the Closing Disclosure includes this item:
What is "Cash to Close"?
"Other Costs" governed by Regulation X include "Taxes and Fees', "Prepaid Items", "Escrow Payments", and "_________ __________ _________":
What is "Owners Title Insurance"?
These two Regulation Z disclosures are both due at application when dealing with open-end loans:
What is the "What You Should Know About Your HELOC/ When Your Home is on the Line" and Initial Truth in Lending Statement?
Failing to keep records from call activities for a period of ________ months is a violation of the "Do Not Call Improvement Act" and carries a fine up to $__,___.00 per violation:
What is 24 months and $43,280?
Section 7 of the 1003 asks if a borrower, or their (deceased) spouse has ever, or currently does this:
What is served in the Armed Forces?
Under "Loan Calculations" on Page 5 of the Closing Disclosure includes: TIP, APR, Amount Financed, Total Number of Payments, and this line item:
What is the Finance Charge?
Borrower Bob Wehadababyitsaboy is shopping for a closed-end loan for a primary residence. If the rate he is offered meets or exceeds the APOR threshold by 2% of his expected first lien Jumbo loan, his mortgage will be considered THIS under Section _____ of TILA, if all other loan specifications would qualify him for a mortgage that can be sold on the secondary market:
What is "Section 43" and "Qualified Mortgage"?
Required under 36 of TILA the Initial Interest Rate Adjustment Disclosure is due between _____ and ____ days prior to adjustment. Failure to retain disclosure for ______ years after action is taken may result in fines of up to __________ or __________(whichever is less), if a Class Action Lawsuit is brought against lender:
What is 210 to 240 days, retained for 2 years, and results in fines up to $500,000 or 1% of net worth, whichever is less.
Violations of Regulation B can result in punitive damages of up to _________ for individuals, and the action can be taken against an MLO within _______ years of violation:
What is $10,000 and five years?
Section "3a" of the URLA refers to this SPECIFIC asset(s) of the applicant:
What is "Property You Own"?
"Subsection N" on page 3 of the Closing Disclosure states "________ is due from _________, at ________:
What is "due", "seller", and "closing"?
Section 32 of TILA referring to the Home Ownership Equity Protection Act states that for First Liens and First Lien for a Mobile Home (and Subordinate Liens), are considered "High Cost" if the APR is __________ and _________ respectively, above the _________:
What is more 6.5% and more than 8.5% above APOR?