Fcra ecoa respa - Study guides, Class notes & Summaries

S.A.F.E Mortgage Loan Originator Exam 100% Correct GLBA Gramm-Leah-Bliley Act FTC Federal Trade Commission FCC Federal Communications Commission NPI Non-public Personal Information Consumer Individual who obtains financial services for personal use Customer Continuing relationship with a financial institute EBR Established Business Relationship FACTA Fair Credit Reporting Act (Original FCRA) FHA Fair Housing Act & Federal Housing Administration ECOA Equal Credit ...

All but which of the following are not covered by RESPA? a) Simple assumptions b) The sale of loans on the secondary market c) Loans intended for sale to Freddie Mac d) Bridge loans - ANSWER-c) Loans intended for sale to Freddie Mac The requirement to include the credit repository's name and address on the adverse action notice is established through: a) ECOA b) FCRA c) ECOA & FCRA d) FACTA - ANSWER-b) FCRA

Who oversees RESPA? correct answers CFPB Who enforces RESPA? correct answers CFPB Who oversees ECOA? correct answers CFPB Who enforces ECOA? correct answers CFPB and FTC Who oversees TILA? correct answers CFPB Who enforces TILA? correct answers CFPB (FTC for advertisement penalties) Who oversees the National Do Not Call Registry? correct answers FCC, FTC Who enforces the National Do Not Call Registry? correct answers FTC Which law regulates the activities of consumer repo...

FCRA, ECOA, RESPA

Loan-to-Value Ratio (LTV) - correct answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers more than one piece of property. Wraparound Mortgage - c...

Nmls Safe Exam Prep With 100% Correct And Verified Answers ECOA - Reg B - Correct Answer-Equal Credit Opportunity Act HMDA - Reg C - Correct Answer-Home Mortgage Disclosure Act RESPA - Reg X - Correct Answer-Real Estate Settlement Procedures Act TILA - Reg Z - Correct Answer-Truth In Lending Act HPA - Correct Answer-Home-owner Protection Act PMI is required when - Correct Answer-Borrower puts less than 20% down ECOA deals with - Correct Answer-credit applications HMDA allow...

ECOA - Reg B - Answer-Equal Credit Opportunity Act HMDA - Reg C - Answer-Home Mortgage Disclosure Act RESPA - Reg X - Answer-Real Estate Settlement Procedures Act TILA - Reg Z - Answer-Truth In Lending Act HPA - Answer-Home-owner Protection Act PMI is required when - Answer-Borrower puts less than 20% down ECOA deals with - Answer-credit applications HMDA allows to see - Answer-where possible discrimination takes place Where is HMDA found - Answer-Section 10 of the 1003 l...

f a borrower is required to pay alimony or child support, it must be included as a(n): - Asset - Liability - Qualifier - Mitigating circumstance - Answer-Liability. Alimony and child support must be included in a borrower's liabilities if they are required to pay. A lender who refuses to originate loans in a particular neighborhood or ZIP code because of the perceived creditworthiness of consumers living in the area is in violation of: - FCRA - ECOA - HOEPA - RESPA - Answer-ECOA. Re...

NMLS 2024 Exam Questions with Correct A What law deals with credit, APR & advertising of consumer loans? - Answer- TILA/REGULATION Z Which regulation prohibits kickbacks? - Answer-RESPA Which regulations requires the lender to cancel PMI when the loan reaches 78% LTV? - Answer-HPA - Homeowners Protection Act Which regulation prohibits fee splitting? - Answer-RESPA Regulation X is the letter used to describe which Law? - Answer-RESPA RESPA is the acronym used to describe which law...

Prepxl Practice test 4, Questions and answers/ VERIFIED/ If a borrower is required to pay alimony or child support, it must be included as a(n): - Asset - Liability - Qualifier - Mitigating circumstance - -Liability. Alimony and child support must be included in a borrower's liabilities if they are required to pay. A lender who refuses to originate loans in a particular neighborhood or ZIP code because of the perceived creditworthiness of consumers living in the area is in violation...