OFAC
What does OFAC stand for?
What is The Office of Foreign Asset Control.
The name of the document that bank must provide customer when delaying the availability of funds from a deposit?
What is a Hold Form
The aim of Reg B is to provide a framework of rules to prevent ______________ in credit transactions?
What is discrimination.
TRID applies to loans secured by what?
What is real estate or dirt (TRID spelled backwards).
What is lending.
The maximum amount of flood insurance coverage for a single-family home?
What is $250,000.00
The reason the minimum amount of funds that must be made available from check deposits adjusts every 5-years is?
What is inflation, or cola.
Reg B is enforced by what government entity?
Who is the CFPB (Consumer Finance Protection Agency).
The name of the document a lender must provide you within 3 business days of receiving an application?
What is a Loan Estimate.
Under HMDA an application is reported as withdrawn provided it is expressly communicated by the borrower before what other event occurs?
What is a credit decision.
The maximum flood insurance coverage available for the contents of a commercial building.
What is $500,000.00
Funds from electronic deposits and wires must be made available when?
What is by the next day.
Lenders must provide an explanation or notice to rejected applicants within how many days of receiving a completed application?
What is 30-days.
A loan charge for paying off a loan early is a?
A _________________ must be involved in the loan application for it to be HMDA reportable?
What is a dwelling.
What financial institutions must do when flood insurance lapses or is cancelled.
What is force-place insurance.
A large deposit hold applies to checks totaling over what amount in a single day?
What is over $6,725.00 in a single day.
How many pieces of information must be provided to a lender to constitute a loan application under TRID rules?
What is 6 pieces of information. Consumers Name, Income, SSN/Tax ID, Property Address, estimate of property value and loan amount sought.
A ______________________ is not reportable under HMDA because it does not involve a property location.
What is a prequalification.
The name of the document used to indicate flood risk?
What is a Flood Map, or Flood Insurance Rate Map.
The New Customer Exception Hold applies to customers whose accounts have been open for how long?
What is open for less than 30 days.
Lenders that fail to comply with Regulation B are subject to punitive damages called?
What are CMPs - Civil Monetary Penalties
TRID tolerances can only be reset by a lender in specific situations known as a?
What is a changed circumstance?
HMDA reportable loans can have up to how many data fields?
What is 110.