This needs to be documented when you have more than one applicant on a loan
What is Joint Intent
100
Before you can make, improve, extend, or renew a loan secured by improved real estate, a lender must make one of these
What is a flood determination?
100
This type of loan transaction requires a loan officer/processor to find out whether or not HMDA reporting is required
What is a dwelling secured loan?
100
The most important thing to remember about
Regulation Z is that it only applies to credit
offered, applied for, or extended to an individual for a ______ purpose
What is a consumer purpose?
100
If a loan is secured in any way by a lien on residential real property then this regulation applies
What is RESPA?
200
This disclosure is required within three days of application anytime you have a first lien on a dwelling
What is the ECOA Valuation Disclosure
200
This is the only company that Cache Valley Bank uses for flood determinations.
What is Service Link formerly known as LPS
200
This form is where government monitoring information is initially collected on a consumer transaction.
What is the 1003 Application?
200
The 2014 inflation adjusted amount for this regulation is $53,800.
What is 2014 Reg Z threshold?
200
The following are provided within three days of receiving a consumer, dwelling-secured, credit application. They include the E-TIL, GFE, MST, HUD-1, Credit Counseling, Right to recieve an appraisal Valuation, etc.
What are the early disclosures?
300
This notice is required within 30 days of the time an application is received and indicates action taken
What is the adverse action notice?
300
This is the amount of the fine levied against a financial institution per file for flood violations with no annual penalty cap.
What is $2000?
300
These three loans types require HMDA reporting
What are Purchase/Refinance/Home Improvement loans?
300
Unless the loan is dwelling secured, a Reg Z loan can close within this timeframe
What is one day?
300
If the APR listed on the E-TIL changes by more than an 1/8th of a percent, if fees increase by more than $100, or if the loan amount changes, then this document needs to be sent within three days of the change.
What is a revised GFE?
400
This document is required to be provided to the applicant in a timely manner once completed and at least three days prior to consummation
What is the appraisal/Valuation?
400
This is determined by taking the lesser of the loan amount, amount of flood insurance available through NFIP, or the replacement cost value of the structure
What is the required amount of flood insurance?
400
For HMDA purposes this term is defined as a residential structure. This includes single family residences, vacation homes, second homes, rental properties, multi-family/1-4 unit, condos, co-ops, mobile, and manufactured homes.
What is a dwelling?
400
The one term that applies across all types of consumer credit is defined as the cost of consumer credit
expressed in dollars.
What is a finance charge
400
This disclosure is found in Reg Z, however, it only applies to RESPA related transactions and allows consumers to cancel the loan transaction when it is secured by their primary dwelling within 3 days after the loan closing
What is the right of rescission?
500
An appraisal or valuation must be given at least three days prior to loan closing unless the applicant has provided this document.
What is appraisal waiver?
500
This is the maximum amount of flood insurance through the NFIP for consumer loans
What is $250,000?
500
When a HMDA covered application is received over the phone, the loan officer must orally request this government monitoring information using this.
What is an oral HMDA disclosure statement?
500
If a loan is dwelling secured and the E-Til has been delivered within three business days of application, the lender must wait this long to close the loan.
What is 7 day rule?
500
If the notice of right of rescission is not provided,
or the proper disclosures are not given, then
the rescission period extends for this time period after closing