First Day of Senior Year
This is used as a consumer protection statute.
Real Estate Settlement Procedures Act (RESPA)
True or False: Reverse mortgages are allowed under the Home Ownership Equity Protection Act
False
This regulation applies to consumer-purpose, closed-end loans and open-end lines of credit that are secured by a dwelling.
Regulation C
What regulation was created in an effort to protect consumers and level the advertising playing field so legitimate, forthright businesses can compete?
Regulation N (MAP Rule)
"Section 32 Mortgages" Are also called what?
High-Cost Mortgages
True or False: A mortgage loan originator may not consider the applicant's immigration status when applying for a mortgage loan.
False
This act is enacted to promote the accuracy, fairness, and privacy of consumer information (Equifax, Experian, Transunion)
Fair Credit Reporting Act (FCRA)
Fair Credit Reporting Act (FCRA) is under which regulation?
Regulation V
"All calendar days except Sunday and legal holidays" Describes what?
Rescission Business Days
The Home Mortgage Disclosure Act is under what regulation?
Regulation C
This act protects the privacy information held by financial institutions.
Gramm-Leach-Bliley Act
The term Qualified Mortgage was coined under this act.
Dodd-Franklin Act
What Section in RESPA may the lender require the borrower to pay a cushion, not to exceed 1/6 of total disbursements for the year?
Section 10
True or False: A transaction is a higher-priced mortgage if it has 6.5 points for first-lien transactions $50,000 and above.
False
This act is also know as the PMI Cancellation Act
Homeowners Protection Act
This act is also known as the Financial Services Modernization Act
Gramm-Leach-Bliley Act
Who enforces RESPA?
Consumer Financial Protection Bureau (CFPB)
Which regulation permits only the terms "married", "Unmarried", and "separated"?
Regulation B
What act requires lenders to ensure the borrower's ability to repay?
Dodd-Frank Wall Street Reform & Consumer Protection Act
Consumers have a right to purchase their credit scores under this act.
Fair and Accurate Credit Transaction Act