Dodd frank act of 2010 - Study guides, Class notes & Summaries

AARMR stands for - American Association of Residential Mortgage Regulations AML - Anti-Money Laundering Blockbusting - Illegal practice of inducing homeowners to sell their properties cheaply by telling them that a certain people of a certain race, national origin or religion are moving into the area, and thus profiting by reselling at a higher price CC&R - covenants, conditions, and restrictions CFPB - The Consumer Financial Protective Bureau - an independent federal agency that holds pr...

NMLS Exam Study Guide Questions and Answers Nonrecourse Agreement - Answer-Loan agreement under which the collateral securing a loan is the unltimate source of repayment, and the lender cannot hold the borrower personably liable in the event of default. Lender can seize (and sell) the collateral but cannot seize non-pledged asset or property. ReConveyance - Answer-Method in which a lein is removed from a property when payment is made in full. Dodd-Frank Wall Street Reform and Consumer P...

An objective of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is to Answer eliminate unfair practices relating to compensation paid to mortgage loan originators. The Federal Reserve Board crafted a ruling, the Federal Reserve Loan Originator Compensation Rule, which, as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, set standards to prevent unfair practices by mortgage loan originators related to compensation paid by borrowers. Lo...

Supervisor-Trainee Course for Ohio Currently, what is the annual national registry fee per appraiser? - correct answer $40 The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national registry of: - correct answer Appraisal management companies Which statement BEST describes The Appraisal Foundation? - correct answer It is a non-profit organization established for educational and scientific purposes. Which law mandated that all states must establish a program for apprai...

Supervisor-Trainee Course for Ohio McKissock Question and answers 100% correct Supervisor-Trainee Course for Ohio McKissock Currently, what is the annual national registry fee per appraiser? - correct answer $40 The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national registry of: - correct answer Appraisal management companies Which statement BEST describes The Appraisal Foundation? - correct answer It is a non-profit organization established for educational and ...

MLO SAFE Test 2024 Exam Questions With 100% Correct Answers Dodd-Frank - answer- Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 - Changed oversight & capitalization of financial institutions, added licensing an education standards, and limited riskier products in the marketplace - Established the CFPB - Defined and specifically outlawed UDAAPs CFPB - answer- Consumer Financial Protection Bureau - The Bureau - Oversees and enforces Dodd-Frank specifically to protect c...

MLO SAFE Test 2021 Questions & Answers Dodd-Frank - ANSWER-- Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 - Changed oversight & capitalization of financial institutions, added licensing an education standards, and limited riskier products in the marketplace - Established the CFPB - Defined and specifically outlawed UDAAPs CFPB - ANSWER-- Consumer Financial Protection Bureau - The Bureau - Oversees and enforces Dodd-Frank specifically to protect consumers from ...

Acceleration Clause - correct answer Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - correct answer Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - correct answer home valuation code of conduct Due on Demand Clause - correct answer (Considered a predatory practice) The lender can ...

Acceleration Clause - Answer-Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - Answer-Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - Answer-home valuation code of conduct Due on Demand Clause - Answer-(Considered a predatory practice) The lender can demand repayment of the loan in ...

Acceleration Clause - correct answer Allows lenders to demand payment in full if the borrower defaults on the loan (can be construed as predatory lending) Alienation Clause (Due on Sale Clause) - correct answer Says you must repay your mortgage if you sell your home to a new owner (loan is not assumable) Appraiser Independance Requirements replaced HVCC - correct answer home valuation code of conduct Due on Demand Clause - correct answer (Considered a predatory practice) The lender can ...