What Law deals with credit, APR & advertising of consumer loans? - Correct Answer TILA - REG Z
Which regulation prohibits kickbacks? - Correct Answer RESPA
Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - Correct Answer HPA - Home Owners Protection Ac...
SAFE 20 HR TEST QUESTIONS ANSWERED RIGHT &
GRADED
What Law deals with credit, APR & advertising of consumer loans? - Correct Answer TILA - REG Z
Which regulation prohibits kickbacks? - Correct Answer RESPA
Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - Correct Answer
HPA - Home Owners Protection Act
Which regulation prohibits fee-splitting? - Correct Answer RESPA - REG. X
"X" is used to describe which Regulation? - Correct Answer RESPA
RESPA is the acronym used to describe which law? - Correct Answer Real Estate Settlement Procedures
Act
What type of mortgage requires a non-refundable fee? - Correct Answer VA Loan
What is the provision in a mortgage enabling a lender to demand full repayment if the borrower defaults
on the loan? - Correct Answer Acceleration Clause
What is the provision in a mortgage enabling a lender to demand full repayment if the borrower
transfers the loan? - Correct Answer Alienation Clause
What does the CFPB stand for? - Correct Answer Consumer Financial Protection Bureau
What two laws created the CFPB? - Correct Answer The Dodd-Frank Act / The CFPA
Which regulations are designed to help meet the credit needs of the communities it operates in? -
Correct Answer CRA / Community Reinvestment Act
, Under ECOA rules & regulations, how many days does the borrower have to request a copy of the
appraisal report if the application is denied? - Correct Answer 90 Days
Under ECOA rules and Regulations, how many days does the lender have to submit a copy of appraisal if
requested by borrower - Correct Answer 30 Days
If a loan application is approved under ECOA rules, when must a copy of the appraisal be provided to the
borrower? - Correct Answer 3 Business Days
Conforming loans follow the guidelines of which regulators? - Correct Answer Fannie Mae / Freddie
Mac
Which Regulation requires lenders to be "equal" when extending credit to borrowers? - Correct Answer
ECOA - Reg. B
How old must a borrower be to qualify for a Reverse Mortgage - Correct Answer 62 Years or older
Which Regulation has the primary function of preventing identity theft? - Correct Answer Fact Act
Which section has Section 114 rules? - Correct Answer FACT Act
Which Regulation requires the creditor to verify the validity of any change of address received? - Correct
Answer SECTION 114 of the Fact Act
What is the payment method used in a reverse mortgage that allows the home owners to receive a
monthly check while living in the property? - Correct Answer Tenure Method
What is the fraud scheme where a borrower uses someone else's name to purchase the property, but
that person WILL NOT be living at the property? - Correct Answer Straw Borrower
What government lender "insures' mortgages? - Correct Answer FHA
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