A payment from the lender as some or all of the compensation to the broker for goods and services to both for the purpose of lowering the up-front costs to the borrower.
What is a yield spread premium?
100
The system was created to essentially control a database and software system that enables the registration and tracking of mortgage loan originators.
What is Nationwide Mortgage Licensing System?
100
TILA enacted this year and implemented by REG Z.
When is 1968?
100
The imposed civil penalty charged per day on any person who violates a TILA Regulation Z cease and desist order.
What is $10,000?
200
An Alt-A product originally designed to provide short-term payment flexibility for the self-employed and others who experiences significant variations in monthly income.
What is an Option Arm?
200
The minimum requirement of hours necessary to complete the NMSL-approved prelicensing education.
What is 20 hours?
200
TILA was enacted as Title 1 of this act.
What is the Consumer Protection Act?
300
This section prohibits a person from giving or accepting anything of value for referrals of settements service business.
What is Section 8 of RESPA.
300
The Secure and Fair Enforcement for Mortgage Licensing Act is a key component of what act?
What is the Housing and Economic Recovery Act of 2008.
300
The most recent amendment of TILA enacted in 2008.
What is Mortgage Disclosure Improvement Act (MDIA)?
400
A booklet which contains consumer information regarding various real estate services.
What is the Special Information Booklet?
400
Must develop and maintain a system for registering employees of federally insured depository institutions and subsidiaries they own and control.
Who is the Federal Banking Agencies?
400
The dollar amount of the charges related to a mortgage that is used to calculate the APR.
What is a Finance Charge?
500
The number of days the lender must notify the borrower before the effective date of a loan transfer.
What is 15 days?
500
S.A.F.E. stands for...
What is Secure and Fair Forcement for Mortgage Licensing Act?
500
This is when the 7 day waiting period begins from when the disclosure has been mailed out.