Ftc rule fine Study guides, Class notes & Summaries

Reg B - ANSWER ECOA Reg C - ANSWER HMDA Reg G - ANSWER SAFE - registered Reg H - ANSWER SAFE - licensed Reg N - ANSWER MAP Rule Reg P - ANSWER GLB Act Reg V - ANSWER FCRA Reg X - ANSWER RESPA Reg Z - ANSWER TILA LE - ANSWER Requires business days to include all days open Does count for business days for CD include Saturdays? - ANSWER No - requires business days to include all but Sun/Holidays Elements of a Completed Application - ANSWER Name Address Subject pro...

NMLS Laws and Regulations Latest Updated 2022 Rated A CFPB Consumer Financial Protection Bureau What does the CFPB do? Regulates RESPA, TILA, ECOA, and HMDA FTC Federal Trade Commission What does the FTC do? Monitors Red Flag Rules RESPA Real Estate Settlement Procedures Act What does RESPA do? •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. •Educates borrowers costs of loan • Eliminates kickbacks and referral fees (section 8) • Establishes...

Purpose of Administrative Law It regulates the many areas of our government, community, and businesses Two Types of Administrative Agencies Executive Agencies and Independent Regulatory Agencies Executive Agencies Consist of the cabinet departments of the executive branch, which assist the president in carrying out executive functions, and the subagencies within the cabinet departments. Independent Regulatory Agencies Located outside the federal executive departments (th...

MLO SAFE NMLS safe test practice questions with accurate answers, 100% Accurate. 2022/2023 Document Content and Description Below MLO SAFE NMLS safe test practice questions with accurate answers, 100% Accurate. 2022/2023 Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, f requent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Proce...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ANSWER-Predatory Lending. RESPA-Real Estate Settlement Procedures Act - ANSWER-The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - ANSWER-Home sellers from requiring home buyers to purchase title insurance from...

When ordering an appraisal, it is illegal to... - ANSWER-Request that the appraiser return a minimum or specific value. Mortgage professionals are permitted to communicate their own or the borrower's opinion when ordering an appraisal; however, requesting a specific or minimum value is considered improper influence of an appraiser and is a serious ethical and legal violation. Borrower credit is... - ANSWER-An amount paid by the lender to borrower for locking an interest rate at a rate higher...

MLO SAFE NMLS safe test practice questions and answers 100% pass Document Content and Description Below MLO SAFE NMLS safe test practice questions and answers 100% pass Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. Predatory Lending. RESPA-Real Estate Settlement Procedures Act The Federal Statute that deals with the settl...

Exam Question Master 1 T/F - Real estate professionals provide knowledge of market conditions - ANS True The product that real estate licensees market is - ANS Expert Information Real estate professionals provide expert information in three areas: - ANS Property transfer, market conditions, and how to market real estate and businesses. D.B.P.R (Department of Business and Professional Regulation) main office location - ANS - Located in Tallahassee, FL. DRE (Divisio...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. Predatory Lending. RESPA-Real Estate Settlement Procedures Act The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits Home sellers from requiring home buyers to purchase title insurance from a particular co...

Transaction data includes what 3 things? - 1. Transaction information 2. Transaction history 3. Transaction statement What is the difference between pharmacy distributing and pharmacy dispensing? - Distributing = Providing a drug to anyone other than the consumer/patient Dispensing = Providing the drug to the patient/consumer What 8 things go on an OTC drug label? - 1. Active ingredients 2. Purpose 3. Use - indication 4. Warnings 5. Directions 6. Other information 7. Inactive in...