Ecoa is under regulation - Study guides, Class notes & Summaries

NMLS Exam Study Questions with Correct A Title XIV (Mortgage Reform and Anti-Predatory Lending Act) - Answer-- Requires MLOs to apply new minimum qualifying standards & defines a new category of "qualified" loans. -Requires verification/documentation of the borrower's ability to repay the loan. -Establishes penalties for irresponsible lending, including extended foreclosure defense for borrowers. Title X (Consumer Financial Protection Act of 2010) - Answer-Provides broad authority to en...

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 __________________________. - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular company...

Which federal law requires that the Loan Estimate be provided to the borrower within three business days of the time of loan application is taken? - ANSWER-TILA What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? - ANSWER-Loan flipping or churning After a loan closing, funds are disbursed. When are the funds disbursed for an owneroccupied, residential refinance? - ANSWER-After 3 business-day rescission period W...

NMLS UST Mortgage Exam Questions With Verified Answers A consumer calls to ask about a loan product. How does TILA require you to quote an interest rate to him? - answerThe APR and the interest rate A wraparound mortgage: - answerOccurs when a new mortgage plus an existing mortgage is structured as a single obligation Which of the following is true of an FHA borrower? - answerOnly 75% of rental income counts as qualifying income A mortgage on personal property is a(n): - answerChattel Mo...

HHS - Health and Human Services CMS - Centers for Medicare and Medicaid Services HHS - U.S. Department of Health and Human Services NIH - National Institutes of Health FDA - Food and Drug Administration ACL - Administration for Community Living; one of the HHS Operating Divisions. QIO - Quality Improvement Organization OIG - Office of Inspector General ACF - Administration for Children and Families Title XVIII - Medicare Title XIX - Medicaid AHA - American Hospit...

MLO SAFE NMLS safe test practice questions and answers latest updated 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 __________________________. Predatory Lending. RESPA-Real Estate Settlement Procedures Act The Federal Statute that deals with the settlement of residential mortgage loans. Brainpower Read More Previous Play Next ...

A $100,000 loan will be considered a section 32 loan if the the points and fees are greater than answer 5% of the loan amount Which cost would be included in the apr calculation on the closing disclosure forms? Answer mortgage insurance Which item is not included in the calculation that determines the annual percentage rate? Answer title insurance premium The right of rescission provided under regulation z is the right to answer cancel a contract Which act requires the lender to prov...

CFPB correct answers Consumer Financial Protection Bureau What does the CFPB do? correct answers Regulates RESPA, TILA, ECOA, and HMDA FTC correct answers Federal Trade Commission What does the FTC do? correct answers Monitors Red Flag Rules RESPA correct answers Real Estate Settlement Procedures Act What does RESPA do? correct answers •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. •Educates borrowers costs of loan • Eliminates ...

ECOA-Equal Credit and Opportunity Act. Questions and answers, VERIFIED/ According to Regulation B, when it comes to credit transactions, a creditor cannot discriminate: - - On the basis of the applicant's race, marital status, nationality, gender, age, or religion Against an applicant whose income is derived from a public assistance program Against an applicant who, in good faith, exercised his or her rights under the Consumer Credit Protection Act Factors that cannot be used to discri...

MLO Test Study Guide Questions and Answers | Latest Update | 2024/2025 | Already Passed "Seller Concessions" as relates to the mortgage business are: Seller concessions are costs that the seller or lender are paying. A 1 year ARM has a margin of 1.25%, and at the time of adjustment its index is at .50%. What would be the fully indexed rate? Index plus Margin = Fully Indexed rate. 1.25% plus .50% = 1.75%. A 3/1 ARM is a: Hybrid ARMs are advertised as 3/1, 5/1, 7/1, or 10/1 ARMs....