Florida MLO Test 2024 Updated Questions With Verified Complete Answers || 72 Pages || Graded A+
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Florida Claims adjuster
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Florida Claims Adjuster
Florida MLO Test 2024 Updated
Questions With Verified Complete
Answers || 72 Pages || Graded A+
The Consumer Financial Protection Bureau (CFPB) - ANSWER
CFPB plays an important part in consumer protection through its
financial institution oversight and consumer education.
The CFPB d...
Florida MLO Test 2024 Updated
Questions With Verified Complete
Answers || 72 Pages || Graded A+
The Consumer Financial Protection Bureau (CFPB) - ANSWER ✔
CFPB plays an important part in consumer protection through its
financial institution oversight and consumer education.
The CFPB directly impacts the mortgage loan industry as well as
other financial service industries both depository and
nondepository.
The CFPB is the primary federal regulator for non-depository
mortgage lenders and depository institutions with assets of over
ten billion dollars.
How many roles does the CFPB have? - ANSWER ✔ 5
Rules and Policy - ANSWER ✔ Uses research and public input to
implement and enforce federal consumer financial laws.
Enforcement - ANSWER ✔ Responsible for protecting
consumers by holding financial service providers accountable
through enforcement of federal consumer financial laws.
Compliance - ANSWER ✔ Provides financial service providers
information on registration and submission, regulatory guidance
and compliance resources, and supervisory process and
guidance documents.
, Data and Research - ANSWER ✔ Collects information and
publishes research about many areas of the consumer financial
marketplace.
Consumer Education - ANSWER ✔ Provides resources to assist
consumers in making informed financial decisions.
Rules and Policy Role - ANSWER ✔ CFPB implements and
enforces 19 federal consumer protection regulations.
Data and Research Role - ANSWER ✔ CFPB requires them to
collect information and look into topics associated with consumer
financial issues.
Compliance Role - ANSWER ✔ CFPB ensures registration and
submission, provides regulatory guidance resources, and
supervisory and guidance documents
Consumer education role - ANSWER ✔ CFPB provides
mortgage related resources for buying a house and mortgages
Enforcement Role - ANSWER ✔ The CFPB is able to hold
financial service providers accountable by enforcing federal
consumer financial laws
Consumer protection laws and regulations can be divided into 3
areas: - ANSWER ✔ Financial disclosures
Privacy protection and consumer identification
Prohibition of predatory lending
Federal disclosure laws require two things: - ANSWER ✔ The
total cost of the transaction.
,Compensation and relationship between service company and/or
lending professionals to whom a client might be referred.
Equal Credit Opportunity Act (ECOA) Regulation B 12 CFR
§1002 - ANSWER ✔ The purpose of Reg B is to promote the
availability of credit to all creditworthy applicants without regard to
race, color, religion, national origin, sex, marital status, or age
(provided the applicant has the capacity to contract) because all
or part of the applicant's income derives from a public assistance
program, or because the applicant has in good faith exercised any
right under the Consumer Credit Protection Act.
Home Mortgage Disclosure Act (HMDA / Reg. C) - ANSWER ✔
Regulation C 12 CFR §1003 is intended to provide the public with
loan data that can be used to help determine whether financial
institutions are serving the housing needs of their communities; to
assist public officials in distributing public-sector investment so as
to attract private investment to areas where it is needed, and to
assist in identifying possible discriminatory lending patterns and
enforcing anti-discrimination statutes.
It is NOT intended to encourage unsound lending practices or the
allocation of credit.
Home Ownership and Equity Protection Act (HOEPA) - ANSWER
✔ CFPB Bulletin 2013-13 originally put into place in 1994 as an
amendment to the Truth in Lending Act (TILA) 12 CFR §1026 to
stop abusive practices in refinances and closed-end home equity
loans that had high interest rates or high fees.
Since then there have been additional amendments to Regulation
Z (Truth in Lending) expanding the types of mortgage loans that
are subject to the protections of the Home Ownership and Equity
Protections Act of 1994 (HOEPA), revising and expanding the
tests for coverage under HOEPA, and imposing additional
restrictions on mortgages that are covered by HOEPA, including a
, pre-loan counseling requirement, and Regulation Z and
Regulation X (Real Estate Settlement Procedures Act) 12 CFR
§1024 imposing certain other requirements related to
homeownership counseling, including a requirement that
consumers receive information about homeownership counseling
providers.
Homeowners Protection Act (HPA) - ANSWER ✔ CFPB
BULLETIN 2015-03, also known as the PMI Cancellation Act
establishes provisions for canceling and terminating PMI, sets
disclosure and notification requirements, and requires the return
of unearned premiums.
Real Estate Settlement Procedures Act (RESPA / Reg. X)
Regulation X - ANSWER ✔ Regulation X contains the CFPB's
rules relating to the disclosure of records and information
generated by and obtained by the CFPB. It has 5 subparts.
Subpart A contains general provisions and definitions used in Reg
X.
Subpart B implements the Freedom of Information Act, 5 U.S.C.
552.
Subpart C of RESPA sets forth the procedures with respect to
subpoenas, orders, or other requests for CFPB information in
connection with legal proceedings.
Subpart D provides for the protection of confidential information
and procedures for sharing confidential information with
supervised institutions, government Agencies, and others in
certain circumstances.
Subpart E implements the Privacy Act of 1974, 5 U.S.C. 552a.
Truth in Lending Act (TILA/Reg. Z) Regulation Z (12 CFR §1026)
- ANSWER ✔ Regulation Z promotes the informed use of
consumer credit by requiring disclosures about its terms and cost,
includes substantive protections, gives consumers the right to
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