Ecoa is regulated by - Study guides, Class notes & Summaries

The Dodd-Frank Act includes provisions that are intended to help struggling homeowners to obtain loan modifications by: - ANSWER-Requiring the CFPA to write servicing rules to facilitate loss mitigation efforts A lender is permitted to deny an applicant credit based on which of the following factors? - ANSWER-the applicant likes income stability this rule apply to commercial Communications used to Market mortgage loan products and services to Consumers - ANSWER-MAP Rule HOEPA would not ...

Which law regulates reporting of a consumer's credit history? FCRA ECOA RESPA PATRIOT Act The correct answer is A. The Fair Credit Reporting Act regulates the reporting of a person's credit. It requires credit reporting agencies to attempt to maintain accurate reports and to limit access to reports. A consumer has the right to inspect his HUD-1 Settlement Statement how many business days prior to closing? 5 10 1 7 The correct answer is C. One business day befor...

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 ...

NMLS SAFE Mortgage Loan Originator Exam 2022/2023 Questions & Answers CFPB took over regulatory authority over (TILA) Truth in Lending (RESPA) Real Estate Settlement Procedures Act (HPA) Homeowners Protection Act (FCRA) Fair Credit Reporting Act Portions of the Gramm-Leach Bliley Act related to information privacy (ECOA) Equal Credit Opportunity Act. (HMDA) Home Mortgage Disclosure Act (HOEPA) Home Owner Disclosure Act (SAFE ACT) Secure and Fair Enforcement for Mortgage Licensing A...

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 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 ...

APPRAISAL EXAM 1 Basic Principles Q&A Correctly Solved 100% When are appraisers needed? *** to set asking/offering prices, settle estates, refinance, divorce, taxes, rental rates, valuation, condemnation & foreclosure Appraiser *** One who is expected to perform valuation services competently & in a manner that is independent, impartial & objective. Attributes of an Appraiser *** competent, independent, impartial, objective, prompt, organized, educated, honest & diligent Appraiser...

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...

RESPA was enacted in 1974 for what purposes? - ANSWER-Allow consumers to obtain information on the costs of closing so that they can shop for settlement services Protect consumers from excessive settlement costs and unearned fees RESPA's current regulations serve to: - ANSWER-Protect consumers from excessive settlement costs Limit the amount of funds that creditors can require consumers to deposit into escrow accounts Establish disclosures, policies, and procedures to facilitate timely co...

RESPA - Answer - This Act, enacted in 1974, is Regulated by the CFPB. The most frequent violations of the act are Section 8 violations. Section 8 - Answer - The section of RESPA that prohibits fee splitting, markups, and unearned "things of value" from "agreements or understandings" between referral sources. Section 6 - Answer - The section of RESPA that outlines the service transfer of loans. Section 10 - Answer - The section of RESPA that outlines the escrow requirements for mortg...

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 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: (...