Laws
HMDA Regulation Letter
C
USDA Loan Section #
502
The law that created the safe act
HERA
What PITI stands for
Principal, Interest, Taxes, Insurance
Another name for blockbusting
panic selling
FCRA Regulation Letter
V
Minimum down payment for a conventional mortgage for a first time homeowner
3%
A MLO working for a depository institution
Registered MLO
Who is in charge of regulating the FHA
HUD
Loan origination fee tolerance
0%
What law established PMI?
HPA
Largest investor in the secondary market
Fannie Mae
How long an unpaid tax lien can stay on a credit report
forever
HPML % above APOR for a nonconforming loan
2.5%
3 Characteristics protected only under ECOA
Marital Status, Age, Public Assistance
The law that the Mortgage Disclosure Improvement Act amend
TILA
Form 1009
Reverse Mortgage Application
How long ECOA documents must be retained
25 months
3 objectives of the CFPB
Education, Enforcement, Study
familial status, disability
Regulation letter and purpose of the MARS rule
0, can only charge a fee if successful
Form 1008
Transmittal Summary
This many days for a consumer to request an appraisal report
Discharge papers form #
DD-214
2 documents you must keep for 5 years
CD, SAR's