History and the Timeline
This is what we call a consumer who has decided to move forward with the loan process.
What is a customer?
This is the free public database where you can find information on all MLOs, and they also give MLOs a unique identifying number.
What is NMLS?
This law regulates the information given to clients about the costs of obtaining financing.
What is TILA?
This is what we call a 30 year fixed rate mortgage
This is the acronym we use to remember what we need for a completed application.
What is ALIENS?
This term is used to describe when a borrower is legally obligated to repay the loan
What is consummation?
This governmental body is in charge of licensing and setting surety bond/net worth requirements.
The States
What is section 8?
What is 500?
This rule under the GLBA requires financial institutions to develop a written information security plan.
What is the FTC Safeguards rule?
These two settlement services are done during the "Underwriting" phase and help the lender verify collateral
What are title work and appraisal?
This regulation under the SAFE Act requires you to be licensed as an MLO if you work for a non-depository institution.
What is Regulation "H"?
BONUS: What is the other regulation?
Under RESPA, the Good Faith Estimate is given during the application stage. What similar document is given to the borrower prior to closing?
What is HUD-1 Settlement Statement?
This USDA program is designed for borrowers with low income.
What is a Section 502 Direct Housing Loan?
This rule states that you have the right to receive a copy of the appraisal if one was done.
What is the ECOA Valuation Rule?
This payment schedule can lead to an increase in the principal balance of the loan
What is negative amortization?
This is a document that is filed quarterly or annually and gives a detailed overview of the MLO's activity
What is the Mortgage Call Report (MCR)?
Under TILA, disclosure is required if an adjustable rate mortgage increases by this amount.
What is 0.125% or 1/8?
This is the annual fee on SFHGLP loans.
What is 0.35% of the loans remaining balance?
This law requires the MLO to report demographic information if the application is taken in person.
What is HMDA?
The 2008 Mortgage Meltdown led to the passing of this law, which created the Consumer Financial Protection Bureau
What is Dodd-Frank?
This group created the "State Model"
Conference of State Bank Supervisors
This section of TILA contains permissible compensation for MLOs and has servicing requirements.
What is 36?
This is the VA loan fee for first time homebuyers with $0 down.
What is 2.3%?
Credit History determines this percentage of your credit report.
What is 15%?