RESPA
Define Respa's NTS (section/what the acronym means)
Notice of Transfer Statement, Section 6
Which three TILA initial disclosures are required for open end loans
CHARM, Early ARM disclosure, Initial Truth in lending statement
Which regulation is the GBLA disclosure under
Reg P
What section of law covers ABA?
RESPA section 8
greater than or equal to 500,000, or 1% of net worth, whichever is lower
What two disclosures are required under RESPA section 10
annual and initial escrow statements
What are the TILA-TRID combined disclosure statments?
The loan estimate and the closing disclosure
Initial Privacy Notice
What section of law covers servicing?
RESPA section 6
TILA class action penalties
up to 500,000 or 1% of creditors net worth, whichever is less
What two disclosures are required under RESPA for open end loans?
HUD-1 and GFE
TILA section 23 disclosure is known as ?
Notice of right to rescind/cancel
What other rule falls under GBLA? (Think reg p and ...)
Safeguards rule
What section of law covers right to rescind?
Section 23
Cost for intentionally violating section ten of an annual escrow statement (per violation and annual limit)
$75 per violation ($130,000 annual limit)
How long are the Afba and MSDS retained? (hint: they are the same retention length)
5 years
Name Two ongoing disclosures under TILA section 36
GBLA- What does the annual privacy notice state? (hint: same as initial)
Explains what info the institution gathers, where this information is shared, and how to institution safeguards that information, as well as how to opt out of certain aspects
What section of law covers CHARM
TILA section 19
ECOA civil penalties (per day and maximum)
5,000 per day and up to 25,000 for patterns of discrimination
Name all of RESPAs closing disclosures.
Initial escrow statement, HUD-1 settlement statement
What is the covered loan notice?
N/A
What section of law covers HOEPA?
TILA section 32
$400-4,000