(Regulations 1)
what regulation allows regulators to see where possible discrimination takes place
Reg C/HMDA
What does Reg C stand for ?
Home Mortgage disclosure Act
How many days does the borrower have to request for the appraisal once denied?
How many days does the lender have to deliver the appraisal?
90 days or 3 months
30 days 1 month
What Regulation is ECOA
Regulation B
During the test what is used to identify you instead of your social security #
Unique identifier or NMLS#
What regulation is RESPA?
Regulation X
Where is HMDA INformation found in the 1003?
Section 10 or the Govorment monitoring section
What is regulation B
ECOA
What Laws deal with a credit application?
Regulation B or ECOA
Passing score for the NMLS Exam
75%
What does TIL/TILA stand for
Truth in lending act
What law deals with Credit, APR, and Advertising of loans?
When is PMI required ?
TIL/TILA
When the borrower puts less than 20% down payment
What allows the borrower to challenge the value/appraisal?
ECOA / Reg B
What does ECOA stand for
Equal credit opportunities act
When is the period to renew your license
Nov 1st - Dec 31st
What does HPA deal with
Homeowners protection act
Private Mortgage Insurance
PMI is not for what loans?
Conventional Loans
goverment loans
FHA VA USDA
What does HPA stand for
What does HPA Deal With
Homeowners Protection Plan
Private Mortgage Insurance
What does RESPA stand for
What Regulation is RESPA?
Real Estate Settlement Procedures Act
Reg X
Which Application does an Individual have to complete?
MU4
What does SAFE stand for ?
What Law Created the SAFE act?
Secure and Fair Enforcment Act
HERA
What does HERA stand for
Housing and economic recovory act
Who Pays for PMI
Who does PMI protect
the Borrower
the lender
What does TIl/TILA deal with
What regulation is TIL/TILA
Credit APR Advertising of loans
Reg Z
Where will your NMLS# Appear?
Where will in not appear?
1003 Loan Application
Mortgage
Promisary Note
Trustees
Appraisal Reports