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Yes as long as the title company is legitimate and the arrangement is disclosed - Answer-A mortgage broker also owns a title conpany is this arrangement allowed by respa TILA - Answer-As a mortgage broker puts together an ad to attract some new customers what law should he be most concerned about Home equity lines of credit - Answer-Of these loans which would require reporting under the home mortgage disclosure act annually - Answer-For a loan that has escrow included RESPA requires a l...

1) Mortgage loan fraud is reported at what level? A. State B. Federal C. County D. City - Answer-B. Mortgage Fraud is reported to the FBI and to HUD ( The United States Department of Housing and Urban Development is a Cabinet department in the executive branch of the U.S. federal government) 2) Title V of the Housing and Economic Recovery Act (HERA) of 2008 is best known as: A. The SAFE Act B. RESPA C. TILA D. CRA - Answer-A. S.A.F.E --The complete name of which is the Secure and ...

Fraud for money Laundering - Answer--Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. Adverse Action - Answer-An unfavorable credit decision rendered against a consumer made on the basis of information contained on the credit application. If a lender takes adverse action against an applicant, the lender must notify the applicant in w...

Which law regulates the activities of consumer reporting agencies and users of consumer credit reports? - Answer-FCRA Which agency manages the National Do Not Call Registry? - Answer-Federal Trade Commission Which act led to the Nationwide Mortgage Licensing System and Registry for the residential mortgage industry? - Answer-The SAFE Act Under ECOA, providing different terms of financing for a potential borrower who has poor credit scores due to a recent bankruptcy is considered? - Answ...

Annual Percentage Rate (APR) - Answer-Consumer's true annual cost of borrowing funds according to the Federal Truth-in-Lending Act. Calculates an effective interest rate based on most of a loan's up-front fees and the stated annual interest rate. Closing - Answer-Process whereby a seller delivers ownership rights in real property to the buyer. May also describe the completion of the loan process where the borrower receives use of the funds from the lender in return for promising to repay th...

What are the penalties for violation of RESPA/Section 8 - Answer-Section 8 of RESPA prohibits referral fees and other forms of kickbacks/fee splitting. Penalties include fines of up to 10,000 and up to one year in prison Disclosures due within three business days of loan application - Answer-Loan Estimate Your Home Loan Toolkit: A Step By Step Guide CHARM Booklet Variable-rate program disclosures Home equity plan disclosures Notice of Right to Receive an Appraisal Report What can resu...

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...

"Federal banking agencies" include: Answers A. The Director of the Office of Thrift Supervision, the Board of Governors of the Federal Reserve System, and FDIC B. Fannie Mae and Freddie Mac C. The Comptroller of the Currency and the National Credit Union Administration D. A and C - Answer-D. A borrower approaches a lender to refinance their existing negative amortization loan, which was originated by that same lender. Which of the following statements is incorrect? A. The...

which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - Answer-FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - Answer-Acceleration Clause at closing a borrower may deposit funds to establish reserves for which of the following? - Answer-TAXES AND INSURANCE in a qualification of an applicant who receives child support and alimony - Answer-CHILD...

1) Seller can Sell property at a premium/profit with Fannie Mae financing after? 30 days •60 days •90 days - Answer-•90 days 2) A COFI index is defined as? Cost of funds index •Cost of financial index •Cost of funding insurance - Answer-cost of fund index 3) Subordinate financing relates to •seller financing. •second mortgages. •financing in the secondary mortgage market. •subprime loans. - Answer-second mortgage 4) Explain what Investors with non-recour...