RESPA
The purpose of Section 9 of RESPA is _____________________________
What is the borrower has the right to choose their own agent
In this stage, the borrower considers shopping for a mortgage. What is the name if this stage?
What is Pre-Application.
List all the AKA's for Equal Credit Opportunity Act:
What is Regulation B, and ECOA
MLOS that work for depository institutions fall under _____________________
What is Regulation G
This disclosure must be delivered to the consumer at the time of the completed application or within 3 business days if mailed and informs the borrower of their right to obtain their credit score after making an inquiry for financing and how to request a copy of their credit report is called___________________
What is the Notice of Right to Receive Credit Score
RESPA governs ________________
What is all federally-regulated mortgage loans that are secured by residential property
Closing is orchestrated by the
What is the Closing Agent
Who is the regulator for ECOA?
Consumer Financial Protection Bureau o CFPB
An MLO must register with the NMLS, which stands for _________________________
What is the Nationwide Multistate Licensing System and Registry
This disclosure must be delivered 15 days prior to the transfer of servicing and 15 days after the servicing is transferred and informs the borrower that their loan is being placed with a new servicer. This disclosure is called_______________________
What is the Notice of Transfer Statement
This section deals with the prohibitions on referrals and kickbacks.
What is Section 8: Referrals
The underwriter has to power to approve or deny a loan application. The underwriter bases their decision on what C's?
What is Capacity, Cash, Collateral.
ECOA has 9 Prohibited Factors. Name the 9 Prohibited Factors?
What is Gender, race, Color, National origin, Religion, Martial Status, Age, Public Assistance Program Support, Participated in Credit Counseling
A form required for a control person in charge of a company to register with the NMLS is called _____________________________
What is MU 2
To provide a the borrower with a copy of the appraisal is called ________________
What is the Notice of Right to Receive an Appraisal
DAILY DOUBLE: Settlement costs are fees for a final property transfer not included in the price of the property. List 4 examples of Settlement Costs under RESPA.
What is origination fees, discount points, appraisal fees, survey, title insurance, legal fees, real estate professional fees, prepayment of taxes and insurance, and real estate transfer taxes
__________________ is the collection of payment.
What is Servicing.
To focus on accurate property value and appraisals in helping the borrower qualify for credit by providing a copy of the appraisals to the borrower as soon as the MLO finishes processing the report is called ______________
What is ECOA's Valuation Rule
The ore-licensing hour amount for an MLO is 20. The break down is ____________________________________
What is 3 hours Federal Law, 3 hours of Ethics, 2 hours of non-traditional mortgage standards and 12 hours of undefined education.
This disclosure is due within 30 days of analysis and determines any overages or shortages. This disclosure is ______________
What is the Annual Escrow Settlement
Section 10 concentrates on Escrow. What is the penalty for failing to provide an Annual Escrow Statement?
What is &75 per violation ($130,000 annual limit) and Intentional Violations of $110 per violation (no limit)
MLO Advertisements _______________________
What is cannot lie, deceive or mislead the public
DAILY DOUBLE: ECOA contains 3 forms of Discriminatory Behavior. What are all three types and provide an example for each.
What is Overt Evidence ( obvious discrimination),
Disparate Treatment (Treating a borrower differently based on one or more of the Prohibited Factors
Disparate Impact (Negative effect on people protected by the Prohibited Factors)
Although not a law, the State Model was created as template for how states should regulate the mortgage industry. What act does this fall under?
What is the SAFE Act.
This disclosure must be kept for 5 years and is given to the borrower at application or within 3 days. It informs the borrower that their loan may be assigned to another company for servicing. What disclosure is being described?
What is the Mortgage Servicing Disclosure Statement (MSDS)