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RESPA and Fair Financing Laws Questions &Exam (elaborations) answers 100% satisfaction guarantee
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RESPA and Fair Financing Laws Questions &Exam (elaborations) answers 100% satisfaction guarantee
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RESPA and Fair Financing Laws- A copy of the booklet "Your Home Loan Toolkit"
- A Loan Estimate of settlement costs at the time of loan application or within 3 business days
- A Closing Disclosure at least 3 days before closing - ✔✔According to the TRID rule, lenders must
provide:
- Amt/% of down pmt
- Installment pmt/amt
- Specific finance change
- # of installments
- Period of repayment
- Indication that there is no charge for credit - ✔✔Any advertising is subject to Regulation Z
disclosure if it contains any of the following items:
- Amt/% of down pmt
- Terms of repayment
- APR and if increase is possible
- Total finance charge
- Total # of pmts due and due dates - ✔✔If an ad includes any of the listed advertising aspects
subject to Regulation Z disclosure, ALL of the following items must be disclosed:
%
- Commercial loans
- Agricultural loans over $25,000 - ✔✔Regulation Z does NOT apply to:
- Expects a lender to base lending decisions on an individual's income, net worth, job stability and
credit rating.
- Requires lenders to inform an applicant who was rejected of the reasons for the denial, in writing
and within 30 days. - ✔✔Equal Credit Opportunity Act (ECOA)
- Keep all credit information confidential
- Obtain authorization from a customer in order to seek the customer's credit information.
- Reveal the sources of the credit information to the consumer - ✔✔Fair Credit Reporting Act
requires that lenders:
- Provides a prospective borrower info about mortgage loan products
- Prequalifies a borrower
- Initiates a loan application process for a fee - ✔✔A real estate firm may offer a computerized loan
origination system that:
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