Penalties & Retention
When is it Due
Terms
Disclosures
Loan Type
100
Section Penalties
What is x3 Title Charge
100
Initial Privacy Policy
What is @ establishment of customer relationship
100
Prevents the assumption of a mortgage without lender approval
What is alienation clause
100
This disclosure contain APR, finance charges, amount financed, and total of payments for reverse mortgages and HELOCS
What is TIL (Truth-In-Lending) Disclosure
100
This prompts the need for the Notice of Right to Rescind
What is Reverse Mortgages and Refinance
200
ECOA penalty for definitive pattern of discrimination
What is up to $25,000
200
Notice of Right to Receive Credit Score
What is at application for credit (permissible purpose)
200
Borrower's total wages and earnings before taxes
What is Gross Monthly Income
200
This TILA disclosure is not for purchases! It applies to mortgages on primary dwellings, and certain higher-priced mortgages. It comes in twos.
What is Right to Rescind
200
These types of loans share a credit score requirement. Name the loans and their minimum credit requirement.
What is Conventional and VA loans-Minimum FICO 620
300
TILA individual penalty
What is $400-4,000
300
Initial Interest Rate Adjustment Disclosure
What is 210-240 days before rate adjustment
300
Trigger Terms
What is -amount of finance charge -amount of down payment -number of payments and period of repayment -amount of the payment
300
This Disclosure is given for second lien purchases or refinances that have an APR that exceeds the APOR by 8.5%
What is HOEPA disclosure (due at closing or 3 business days prior to consummation)
300
These types of loans have the same Back-End DTI ratio. Name the loans and the ratio
What is VA and USDA (TDTI=41%)
400
Intentional withholding of Initial Escrow Statement
What is $110 per day, no maximum
400
Notice of Transfer of Servicing
What is 15 days (M-F) before AND after servicing transfer
400
Clause that allows for reconveyance of title
What is Defeasance Clause
400
This uniform settlement statement for HELOCs and Reverse Mortgages can be given to the borrower as early as 1 business day before closing
What is HUD-1
400
This type of loan requires a minimum 3.5% down payment
What is FHA
500
Section 8 Penalty
What is up to $10,000 and or 1 year in jail
500
Subsequent Interest Rate Adjustment Disclosure
What is 60-120 days
500
When the lender allows the borrower extra time to bring their loan current to avoid default
What is Forbearance
500
It is a violation of RESPA to give this disclosure after the following Monday if the application was completed Wednesday
What is MSDS (Mortgage Servicing Disclosure Statement)
500
A borrower might want this type of government loan to downsize or relocate when they get older, using the equity from their first home
What is FHA HECM (Home Equity Conversion Mortgage)
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