RESPA
Summarize the purpose of RESPA
Informed decisions in real estate transactions as it relates to the cost of settlement
Section 23
The Equal Credit Opportunity Act (ECOA) is also known as
Regulation B
FACTA stands for
Fair ad Accurate Credit Transaction Act
Familial status
Name as many examples of what RESPA does NOT cover that you can (must list at least 3!)
Agricultural (25+ acres), business/commercial
Loans to acquire vacant land UNLESS there will be a dwelling built within 2 years of settlement
Temporary loans (construction and bridge)
Loan modifications
Transactions in the secondary market
Transactions involving credit in excess of what dollar amount, if not secured by real property, are NOT governed by TILA?
$66,400
ECOA covers discrimination in credit; FHA covers discrimination in housing
If the consumer claims a suspicion they may be a victim of identity theft, this fraud alert must be filed in their credit report for a period of no less than 12 months.
One-Call Fraud Alert
The practice of convincing people living in a certain area to sell their homes quickly and unnecessarily cheaply before a certain other group of people starts moving in, typically in the belief that the presence of this new group would significantly lower home values
Blockbusting
Section 8 requires an MO disclose to the client if the service being referred is an affiliate. Affiliated means ...
MDIA requires how long of a waiting period between when the INITIAL disclosures are received and the consummation of the loan?
7 business days
Under the Nine Prohibited Factors, the lender may not discriminate based on whether the applicant has, in good faith, participated in ...
Private consumer information was recently stolen from Target customers. In response, the FTC asks Target to provide their written security plan that describes how the company will protect their customer's non-public information. This is an example of
Safeguards Rule (GLBA)
This Act requires financial institutions to maintain and annually disclose data about home purchase, pre-approvals, home improvements, and refinance applications
Home Mortgage Disclosure Act (HMDA)
At closing or 1 day prior if requested
HELCOC & reverse mortgages only
To be considered an HPML, the APR must exceed the APOR by what percentage for first liens?
1.5%
For violating ECOA, civil penalties can include up to $5,000 per day, HOWEVER, definitive patterns of discriminatory behaviors can be penalized up to
$25,000
Fines for violations of the Do Not Call Act can be as high as what amount per violation?
This title of the US PATRIOT Act is the most importance section for MLOs as it focuses on identity theft and money laundering in support of terrorist activities
Title III
At closing, the servicer typically will charge __ months' worth of taxes/insurance to set up the escrow account as well as a cushion of no more than what amount?
12 months; no more than 1/6 (two months) estimated total annual payments
In order to qualify as a QM, the regular periodic payments must not result in or include these 3 criteria.
Negative amortization, interest-only, balloon payment
Notice of Action Taken, incomplete application disclosures, and complaints from consumers must be retained by the MLO for how long?
Mortgage Acts and Practices (MAP) protects consumers from mortgage-related misrepresentations in advertising, is regulated by the CFPB, and is also known as
Regulation N
For how long must a SAR be retained?
5 years