Reg-U-Lator
This Regulation prohibits creditors from discriminating against applicants on the basis of race, color, religion, or national origin.
What is Regulation B (ECOA)
Name three fees that should always be included as a Finance Charge in order to correctly calculate the APR.
What are origination fee, flood certification, inspection, construction disbursement, Lereta tax service, e-filing fee, recording fee, settlement agent fee, courier fee?
A borrower has a lapse in flood coverage. When does the bank need to notify them?
What is the same day the bank finds out the policy has lapsed?
True or False: A consumer refinance transaction with a rescission is signing on Tuesday, which makes the funding date Friday.
False: Three business days must pass making funding on the 4th day, Monday.
How many business days after a Change of Circumstance must a revised LE be provided?
What is 3?
True or False: If a consumer loan is approved within 30 days and borrower withdraws the application at 42 days, an adverse action notice must be sent.
What is false. Document the file with the date approved and then the date withdrawn. Retain in file.
What disclosure statement must be added to the Truth in Lending box for any consumer savings secured loan?
What is "Required Deposit: The Annual Percentage Rate does not take into account my required deposit"
45 days.
What is the number of days after a lapse in flood coverage that the borrower/bank has to obtain proof of insurance from the borrower or force place insurance?
What is the minimum number of days BEFORE closing that an LE may be delivered?
What is 7 business days?
We must provide the initial LE not later than how many business days after completed application received?
What is 3 business days – for LE delivery, we don’t count Saturday because not all bank business functions are open
Under Regulation Z, this is the specific number of business days a consumer has to rescind a loan secured by their primary residence
What is three business days?
If borrowers sign HELOC documents on Tuesday June 4, what date should the borrower sign the non-cancellation section of the Right of Rescission (assuming no holidays)?
What is June 10?
In what instances does a borrower need to sign the acknowledgement of the flood determination when their property is in a SFHA? (Name at least 2)
What is at least 10 days before loan closing, loan extension, modification and/or renewal?
Bob is requesting a loan to purchase a property, demo the existing home and build a new primary residence. What is the TRID loan purpose on the CD?
What is purchase?
What is the TRID loan purpose hierarchy?
What is purchase, refinance, construction, home equity (in that order)
Within how many days does a creditor need to provide a copy of an appraisal or written valuation to the borrower for a loan to be secured by a 1st lien on a dwelling?
What is "promptly upon completion or within 3 business days". (7 days max if we perform internal review before sending)
Which disclosure needs to be updated in DocuSign the first week ending in July annually?
What are HELOC disclosures?
For a commercial loan, this is the maximum amount of flood insurance coverage available through the NFIP
What is $500,000?
Name four of the six elements that comprise a complete application for TRID purposes.
What is address, loan amount, income, estimated value of property, name, social security number?
True or False: The general loan information at the top of the LE is optional (loan #, settlement agent, etc)
What is false?
If an adverse action notice is sent, Regulation B requires the bank to provide the specific reasons for denial or a notice of the right to receive them within this many days?
What is 30 days?
Final Jeopardy: What does the acronym UDAAP represent?
What is Unfair, Deceptive, or Abusive Acts or Practices?
True or False: A bank can waive the flood insurance requirement if the loan amount is under $5,000 and the term is less than one year?
What is false? Flood rules apply regardless of loan amount or term.
We must have confirmation that a consumer has received the Closing Disclosure no later than how many business days before closing?
3 business days – the CD business day (and LE 7 day rule prior to closing) is all calendar days except Sunday and legal holidays
Fees paid to the bank or an affiliate fall into this "Tolerance" category, meaning they cannot increase from the LE to CD.
What is zero Tolerance