Respa reg x - Study guides, Class notes & Summaries

NMLS Laws and Regulations Exam Questions with Complete Solutions RESPA - Answer-Real Estate Settlement Procedures Act What does RESPA do? - Answer-•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 rules for escrow What Regulation is RESPA? - Answer-Reg X (X-ray of my RESPAtory system) Who oversees RESPA? - Answer-(CFPB) Consumer Fin...

A real estate licensee has a buyer agency agreement. What is the seller in this situation? - correct answer customer An optionor and an optionee make a contract for an option on a commercial piece of property. If the optionee decides to exercise his option, when must he perform? - correct answer He must exercise his option under the terms of the option contract When can a landlord evict a disabled...

Real Estate Settlement Procedures Act Answer Regulation X 1974 RESPA Answer Real Estate Settlement Procedures Act Equal Credit Opportunity Act Answer Regulation B 1974 ECOA Answer Equal Credit Opportunity Act Truth-in-Lending Act Answer Regualtion Z 1968 TILA Answer Truth-in-Lending Act Truth-in-Lending refers to Advertising in what ways? Answer Inform consent, terms and cost and credit. Home Owners Protection Act Answer Reg Z Section 32 Reg Section 32 Answer HOEPA Sec...

NMLS SAFE EXAM PREP With Correct Solutions 2024

ECOA (Reg B) Equal Credit Opportunity Act (Reg B) Prohibit discrimination HMDA Home Mortgage Disclosure Act (Reg C) requires lenders to report public loan data on both approved and denied loans FCRA Fair Credit Reporting Act (Reg V) promotes accuracy and ensures privacy of consumer credit information RESPA Real Estate Settlement Procedure Agreement (Reg X) disclosure laws

ECOA - REG B Equal Credit Opportunities Act If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then Lender has 30 days to deliver HMDA - REG C Home Mortgage Disclosure Act Found in: Section 10 of 10-03 Loan App Government Monitoring Section Eliminates / Identifies Possible Discrimination RESPA - REG X Real Estate Settlement Procedures Act TIL/TILA - REG Z Truth in Lending Act (2015) Deals with: (Of Consumer Loans) Credit ...

CFPB Correct Answer: Consumer Financial Protection Bureau What does the CFPB do? Correct Answer: Regulates RESPA, TILA, ECOA, and HMDA FTC Correct Answer: Federal Trade Commission What does the FTC do? Correct Answer: Monitors Red Flag Rules RESPA Correct Answer: Real Estate Settlement Procedures Act What does RESPA do? Correct Answer: •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. •Educates borrowers costs of loan • Elimi...

1) Mortgage loan fraud is reported at what level? correct answer: Federal 2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: correct answer: SAFE ACT 3) The Nationwide Mortgage Licensing System & Registry (NMLS) was begun by which of the following organizations: correct answer: CSBS and AARMR 4) The NMLS online system was built and is maintained by which of the following organizations: correct answer: FINRA 7) Which of the following agencies revi...

Loan Officer – NMLS Questions and Answers Graded A+ Document Content and Description Below Loan Officer – NMLS Questions and Answers Graded A+ ECOA - REG B Equal Credit Opportunities Act If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then Le nder has 30 days to deliver HMDA - REG C Home Mortgage Disclosure Act Found in: Section 10 of 10-03 Loan App Government Monitoring Section Eliminates / Identifies Possible Discrimination RESPA - REG X Real Estate ...

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 l...