Terms
What is a CRA?
Consumer Reporting Agency
What is the civil penalty for willful non-compliance under FCRA?
up to $1,000 and punitive damages
How long is the retention requirement for the Escrow Closing Notice?
2 years
How long do you keep the fraud report?
One year
Who enforces FACTA and FCRA?
FTC and the CFPB
What is Adverse Action?
A denial of credit based on unfavorable economic characteristics
TILA penalty for Criminal Liability?
$5000 fine and one year in prison
what is the required retention for the ABA?
5 years
What is the name of the HELOC Disclosure?
When your home is on the line: HELOC
What are the 5 categories that make up a FICO score?
payment history
amounts owed
length of credit history
types of credit used
new credit
What rule requires you to use reasonable measures to protect consumer information against identity theft and fraud?
Disposal rule
TILA Class action penalty?
$1,000,000 or 1% net worth of the business. Which ever is the lesser.
How long to retain the Loan Originator Compensation?
Three Years
When is the Loan Program Disclosure due?
3 Business days
Which one is the least likely a red flag?
SSN that do not match
Buying a vacation home while living in rental property
down payment from unsecured cash
Buying a vacation home while living in rental property
What is the Acronym for Trigger Terms?
(number of payments, Down payment, finance charge)
If you use trigger terms in an advertisement what else do you need?
Terms need to be in equal prominence and close proximity to the promotional material.
How long to retain the Loan Estimate?
Three years
How long do furnishers have from the CRA's receipt of a notice of dispute to investigate and rectify any inaccuracies?
30 days
Which loans are covered by the right to rescind?
HELOC
Home improvement
Refinances
What is an Active Duty Alert?
A statement in a CRA files letting them know that person is currently on active duty.
What permanently bars you from becoming an MLO?
Fraud
how long to retain the Post-Consummation Partial Payment Policy?
2 Years
60-120 days
Regulators require creditors and financial institutions to establish what as a provision of FACTA?
IDTPP