Regulations
Allows consumers to receive information on closing costs.
RESPA, Regulation X
This disclosure is required by RESPA and is due three business days after the completion of a loan application
Your Home Loan Toolkit: A Step-by-Step Guide
What does 2/2/10 mean?
2% initial rate, 2% adjusted each time, 10% is cap.
FCRA
APR
Annual Percentage Rate also known as Effective Rate
Be equal when lending is a requirement for this regulation
ECOA, Regulation B
Required by TILA within three business days of application for all ARMs
Consumer Handbook on Adjustable-Rate Mortgages (CHARM) Booklet
Min down payment for loans VA and FHA?
FHA- 3.5%
VA- 0%
PITI
LTV
Loan-to-value
Advertising, disclosures, and more are required because of this Godzilla of all regulations.
TILA,Regulation Z
This booklet is required by TILA for loan applicants who are considering home equity loans
When Your Home Is on the Line: What You Should Know About Home Equity Lines of Credit
Income for Sue is 2000 bi-weekly, what is her monthly gross income?
4,333.33
ATR
TILA
Truth-In-Lending Act
Helps regulators see where discrimination takes place.
HMDA Regulation C
RESPA requires that loan applicants receive a clear, conspicuous list of homeownership counseling organizations no later than three business days after a completed application is received.
List of homeownership counseling organizations, must be local to the consumer.
Income for Sue is 2000 monthly. What is her gross monthly income?
2000
QM
Qualified Mortgage
RESPA
Real Estate Settlement Procedures Act
Credit Reports, Credit Reporting Agencies
FCRA- Fair Credit Reporting Act- Reg V
Required by RESPA and due at the time of referring a loan applicant to a settlement service provider
Affiliated Business Arrangement Disclosure
31% and 43%
ARM
Adjustable Rate Mortgage
FHA
Federal Housing Administration