Federal Mortgage- Related Laws Bundle Set

Dodd-Frank Act Answer Which federal act created the Consumer Financial Protection Bureau? QUESTION RATIONALE Title X of the Dodd-Frank Act creates the Consumer Financial Protection Bureau (CFPB) as an independent entity with rule-making and enforcement authority over many consumer financial laws...

what is RESPA Answer Real Estate Settlement Procedures Act; provides consumer protection for loans on residential properties (1-4 units) RESPA: Regulation ? Answer X; primarily involved with the disclosure of closing costs and the prevention of kickbacks, which may raise the amount of closing cos...

The penalties for paying or accepting an illegal referral fee are: Answer Fines of up to $10,000 and up to one year in prison An annual escrow analysis is used to do which of the following? Answer Prevent escrow overages The disclosure requirements of RESPA would apply to which of the followin...

A lender has how many business days to notify the borrower of an underwriting decision? Answer The Equal Credit Opportunity Act requires that any decision be communicated to the applicant within 30 days. According to the Truth in Lending Act, which loan type includes the right to rescind? Answer ...

The penalties for paying or accepting an illegal referral fee are: a. Fines of up to $5,000 and up to one year in prison b. Fines of up to $10,000 and up to one year in prison c. Fines of up to $10,000 and up to three years in prison d. Fines of up to $20,000 and up to one year in prison Answer ...

Under RESPA, what is the maximum fine that can be imposed for each instance of a kickback? Answer 10000 To comply with the FACT Act, a mortgage loan originator should Answer place all loan applications and documentation in a secure place when not working on them. What's another name for Regul...

Which of the following statements about the Loan Estimate is NOT true? A. The lender is solely responsible for providing the Loan Estimate to the prospective borrower B. The Loan Estimate need not be provided if the borrower is seeking a refinance of an existing loan C. The Loan Estimate is not...

Closed-end loans with rates that exceed the average prime offer rate, but are not high enough to trigger protections under HOEPA, are known as: a: Qualified high-cost mortgages b: Higher-priced mortgage loans c: Subprime mortgage loans d: Reverse mortgages Answer b: Higher-priced mortgage lo...

Use a description of the location of the property Answer The loan estimate must include the address of the property. If the address is unavailable: the consumer lacks a reasonable ability to repay. Answer Regulations under Dodd-Frank amendment to subsection (c) of TILA prohibit mortgage loan orig...