Tolerance
APR Tolerance.
.125% or 1/8%
Regulation Z and Regulation X implement these acts respectively
TILA(Reg Z) and RESPA (Reg X)
SAFE and NMLS
Secure and Fair Enforcement for Mortgage Licensing Act
National Mortgage Licensing System (& Registry)
A number that permanently defines a loan
Unique Identifier
An act is ______ if it is misleading or likely to mislead consumers
Deceptive
Recording fees
10%
This Act specifically requires financial institutions to have compliance programs to detect money laundering and suspicious activity
Bank Secrecy Act
FACTA & FCRA
Fair and Accurate Credit Transactions
Fair Credit Reporting Act -(Reg V)
To increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud are all purposes of this law.
SAFE Act
This rule is responsible for preserving the confidentiality of personal financial information
Safeguards Rule.
Fees paid to a 3rd party non-affiliates consumers can shop for, and did NOT choose from the creditors list
No Tolerance Requirement
Safeguarding, Pretexting, and Financial Privacy Rules are under this Law
Gramm-Leach Bliley Act
HOEPA & HPA
Home Ownership and Equity Protection Act
Homeowners Protection Act
This role meets the definition of a loan originator is employed by a depository institution (bank) and maintains a unique identifier
Registered MLO
The responsibility of one person acting in the best interest of another.
Fiduciary Duty.
Transfer taxes
Zero tolerance
Age, Marital Status, and Receipt of Public assistance are all protected classes under this Law
ECOA
CHARM and LIBOR
Consumer Handbook on Adjustable Rate Mortgages
London Interbank Offering Rate Index
____ hours of Fed. Law, ____ Hours of ethics, and ____ hours of nontraditional mortgage products are required for Continuing Education
3, 2, 2
Yield spread premiums are now known as
Borrower Credits.
Escrow Accounts, prepaid interest, property insurance premiums
No tolerance requirements.
Compliance with the Red Flag Rule is required under this Act.
FACTA
FNMA, FHLMC, and GNMA
Fannie Mae - Federal National Mortgage Association
Freddie Mac - Federal Home Loan Mortgage Corporation
Ginnie Mae - Government National Mortgage Association
A natural person, corporation, company, LLC, partnership, or associate.
A Person.
In person, via us mail, email, secure doc handling, and fax are all legal and ethical ways of providing what?
Disclosures.