Regulations
Reg B
Equal Credit Opportunity Act
Considered high price if APR for Jumbo loans exceed __%
2.5%
Considered high Cost if APR exceeds ___% for points and fees.
5%
Closing disclosure should be mailed or delivered to the borrower __ business within consummation of the loan.
3
Back end ratio of FHA __%
43
Reg X
RESPA (Real Estate Settlement Procedures Act)
Considered high priced if APR for a 2nd Lien or Subordinate lien exceeds APOR ___% or greater.
3.5%
Considered High Cost if APR exceeds APOR by ___% points for a 1st lien.
6.5%
A creditor has __ days after receipt of a complete application to provide notice of action taken to the applicant.
30 days
Front end Ratio for conventional ___%
28
Reg C
Home Mortgage Disclosure Act
Considered high priced if APR for 1st Lien exceeds the APOR by ___% or Greater
1.5%
Considered High Cost if APR exceeds APOR by ___% points for a 2nd lien.
8.5%
The loan servicer must notify the borrower __ days before the effective due date of transfer.
15
Front end ratio of FHA __%
31
Reg Z
TILA (Truth in Lending Act)
High Priced loans falls under which regulation and Section?
Reg Z Section 35
If High Cost, the borrower must receive a section 32 disclosure __ days prior to executing loan documents
3
TRID sets forth that a creditor must ensure that the consumer receives the revised Loan Estimate no later than ___ business day(s) prior to consummation.
4
Back end ratio for conventional ___%
36
Reg V
FCRA (Fair Credit Reporting Act)
With high priced loans, escrow payment must be established for property taxes and mortgage related insurance premiums required by creditor for a Minimum of _____Years.
5
When a loan is determined high cost, it must meet requirements of section __ of ____.
Section 32 of HOEPA
As set forth by Regulation Z, before enforcing an acceleration clause that appears as part of the mortgage, lenders must wait until payments are delinquent at least ____ days.
120
VA loans only require __% for back end ratios.
41%