Disclosures
This is the total cost of financing expressed in the form of a percentage.
What is the [APR] Annual Percentage Rate?
Loan Officer Steve M. violated TILA. This is the maximum penalty he faces for his egregious, morally bankrupt crimes.
What is $5,000 and up to one year imprisonment?
Truth in Lending is under the umbrella of this regulation
Reg Z
For a fixed rate home loan, the difference in APR between the initial Loan Estimate and the Closing Disclosure cannot exceed this amount.
Steve M. (NMLS #156422) owns 2% of a title company that he refers his borrower to, but does not disclose his ownership. This is an example of...
What is a Sham Affiliated Business Arrangement?
Records of compensation payments to Loan Originators must be retained for this long.
After their blissful honeymoon, Michelle and Brian closed on their primary residence, but only Michelle received all of the necessary disclosures. This is the amount of time they have to rescind.
What is 3 years?
DAILY DOUBLE! Refer to Felix' screen for the following advertisement.
What is a trigger term?
Address
Loan amount
Income
Estimated value
Name
Social Security Number
What is a complete application?