Acronyms
What does DNC stand for?
Do Not Call
A lender has ___ days after receipt of an application, to notify the applicant of its action on the application
30 days
Penalty for violating the DNC
$43,792
Regulation Z
TILA
Define: Mortgagor
Promise to repay loan (borrower)
What does TILA stand for?
Truth-in-Lending Act
Bankruptcies can be kept in the credit report for ___ years
10 years
Penalty for violating the SAFE Act
$25,000
Regulation X
RESPA
Define: Mortgagee
Receive promise to repay (lender)
What does ECOA stand for?
Equal Credit Opportunity Act
According to RESPA, the loan servicer must notify the borrower ___ days before the effective date of the loan transfer
15 days
Penalty for violating ECOA
$10,000
Regulation B
ECOA
Define: Deed
A Deed is a written instrument used to convey title or the transfer of ownership from the original owner to the new owner
What does FDIC stand for?
Federal Deposit Insurance Company
The APR must be finalized at least ___ days before closing
3 days
Penalty for violating FCRA
$1,000
Regulation C
HMDA
Define: Assumption
The purchaser may take over the mortgagor's monthly mortgage payments with the knowledge, but without the qualification, of the lender
What does HECM stand for?
Home Equity Conversion Mortgage
Telemarketers and sellers are required to search the registry at least once every ___ days and drop their call lists the phone numbers of consumers who have registered
31 days
Penalty for violating FACTA
$5,000 and/or up to 1 year in jail
Regulation O
MARS
Define: Open-End Clause
Permits future additional advances from the same lender without rewriting the mortgage