RANDOM
Jesse is a veteran purchasing his first home, with no down payment. His funding fee would be this percentage
What is 2.3%?
This act ensures consumer reporting agencies uses procedures that are confident, accurate, and relevant
What is the Fair Credit Reporting Act?
The acronym NIVA is used for this type of reduced documentation loan
What is No Income, Verified Assets?
The Annual Privacy Notice is required under this
What is Gramm Leach Bliley Act (GLBA), Regulation P?
A Hybrid ARM is amortized over this amount of years
What is 30?
The Federal Home Loan Mortgage Corporation is also known by this name
What is Freddie Mac?
Denying an applicant finance due to the property location is in violation of which law
What is the Equal Credit Opportunity Act (ECOA)?
This is a template for how states should regulate the mortgage industry in their state
What is the State Model?
The Initial Interest Rate Adjustment, required 210-240 days prior to the rate adjustment, is required for ARMs under this section of this law
What is TILA, Section 36?
7/23 is an example of this type of mortgage product
This is a financial guaranty product obtained by an institution in case of a law violation
What is a surety bond?
The Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act, also known as FCRA/FACTA, protect this type of information
What is Consumer Credit Information (CCI)?
This clause states that the mortgage can be assumed by another borrower
What is the Assumption Clause?
These disclosures state the final costs of the transactions for HELOCs and Reverse Mortgages
What is the HUD-1 Settlement Statement Disclosure and the Final TIL?
If the APR on a fixed rate mortgage fluctuates greater or less than this amount between the LE and the CD, new disclosures must be issued
What is .125% or 1/8?
This automated underwriting system (AUS) is used for Freddie Mac loans
What is Loan Product Advisor (LPA)?
Consumers are able to back out of reverse mortgages and refinances on their primary residences within 3 business days of closing due to this section of this law
What is TILA, Section 23, The Right to Recission?
This many hours of Ethics training is required yearly for MLO Continuing Education
What is 2 hours?
For ARMs, these two disclosures must be given at application
What is the Consumer Handbook on Adjustable Rate Mortgages (CHARM Booklet) and the Early Arm Disclosure
This section of the URLA requests employment information
What is Title IV?
This page of the Loan Estimate contains the "Costs at Closing" section
What is Page 1?
This is the time frame within a Suspicious Activity Report must be file when fraudulent activity on a mortgage loan transaction is suspected
What is 30 days?
For this clause, a person acknowledges they understand what they are signing
What is the Estoppel Clause?
The Notice of Right to Cancel PMI, under the Homeowner Protection Act (HPA), is provided with this type of transactions
What is a conventional mortgage with a Loan-to-Value greater than 80%?
Josh's loan's APR is 7.4% higher than the average prime offer rate (APOR) for his first mortgage. He will receive protections under this section of TILA.
What is Section 32, Home Ownership Equity Protection Act (HOEPA)?