Appriasal Guidance, not Reg B appraisal rules, state an appraisal or evaluation on a property must be compelted by when?
Prior to Closing
100
What ar ethe 3 loan purposes for a loan to be HMDA applicable?
Purchase
Home Improvement
Refinance
100
At what point int he applicaiton process do you get GMI and/or Joint Intent?
At application date
100
There are two types of loans that you do not have to send a Credit Score Disclousre. What are they?
Business Purpose & Renewals
100
BSA/SAR
Bank Secrecy Act/Suspicious Activity Report
200
Reg B Appraisal Rules apply only to what lien position and what type of dwelling?
1st Lien & 1-4 Family
200
If a loan is a line of credit, could it be HMDA applicable?
No
200
How do you document GMI or Joint Intent on a commerical/business purpose loan?
Separate worksheet found in shared drive
200
What zip code do you input into the CFPB counseling website when retrieving the cousling list?
The applicants current address
200
ATR/QM
Ability to Repay/Qualified Mortgage
300
How many days do you have to get an appraisal review completed once you've received the appraisal from the appraisal company?
10 business days
300
If a loan application is not originated can it be HMDA applicable?
Yes
300
What loan purposes do you collect GMI?
All HMDA applicable loans
All loans with the purpose of purchase or refinance of a purchase
300
An adverse action letter must be sent to an applicant within how many days after application?
30 calendar days
300
RESPA
Real Estate Settlement Protection Act
400
How many days do you have to wait to close a loan once you've delivered teh appraisal or formal evaluation?
3 days - Delivered via E-sign or In person
6 days - Delivered in mail
400
A loan may be unsecured and be HMDA applicable if the purpose of the loan is for what?
Home Improvement
400
True or False. It is okay to complete the GMI worksheet based on visual observation or known information about the customer wtihout asking the customer if they would like to provide the information.
False
400
What loan type and term does ATM/QM apply to?
Consumer closed-end real estate secured 5 year term
400
HPML
High Priced Mortgage Loan
500
If the customer signs the appraisal waiver form. How many days prior to closing must you receive the signed form back from the customer?
3 days
500
The borrower on a commercial/business purpose loan is an individual/natural person, what two things do you need to collect for the HMDA LAR that you wouldn't for a comercial/business entity borrower?
GMI & Income
500
When do you collect GMI on HELOC's?
Purchase or refinance of a purchase (if known)
500
There are two times that it is okay to email disclosures to an applicant. When it is okay?
(1) The customer consents to E-sign
(2) You also put the disclosures in the mail
500
HCML/HOEPA
High Cost Mortgage Loan/Home Ownership & Equity Protection Act