Respa reg x - Study guides, Class notes & Summaries

A market for the purchase and sale of existing mortgages designed to provide greater liquidity for selling mortgages is called the ________. secondary market The Federal agency established to restore Fannie Mae and Freddie Mac to a sound and solvent financial condition is _____. Federal Housing Finance Agency (FHFA) The ____ guarantee allows mortgage lenders to obtain a better price for their loan in the capital markets. Gov't. National Mortgage Association - Ginnie Mae ...

NMLS Laws and Regulations Exam Questions with Complete Solutions Who oversees RESPA? - Answer-(CFPB) Consumer Financial Protection Bureau How long must records be kept under RESPA? - Answer-5 years (RESPA has 5 letters= 5 letters of record keeping) What are the penalties for violating RESPA? - Answer-$10k, 1 yr in prison OR both (5 years x 2= $10,000 fine) TILA - Answer-Truth in Lending Act What does TILA do? - Answer-• part of the Federal Consumer Protection Act and lays out...

NMLS Laws And Regulations Exam Questions 2024. CFPB - correct answer Consumer Financial Protection Bureau What does the CFPB do? - correct answer Regulates RESPA, TILA, ECOA, and HMDA FTC - correct answer Federal Trade Commission What does the FTC do? - correct answer Monitors Red Flag Rules RESPA - correct answer Real Estate Settlement Procedures Act What does RESPA do? - correct answer •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. ...

ECOA - Reg B - correct answer -Equal Credit Opportunity Act HMDA - Reg C - correct answer -Home Mortgage Disclosure Act RESPA - Reg X - correct answer -Real Estate Settlement Procedures Act TILA - Reg Z - correct answer -Truth In Lending Act HPA - correct answer -Home-owner Protection Act PMI is required when - correct answer -Borrower puts less than 20% down ECOA deals with - correct answer -credit applications HMDA al

Nmls Safe Exam Prep With 100% Correct And Verified Answers ECOA - Reg B - Correct Answer-Equal Credit Opportunity Act HMDA - Reg C - Correct Answer-Home Mortgage Disclosure Act RESPA - Reg X - Correct Answer-Real Estate Settlement Procedures Act TILA - Reg Z - Correct Answer-Truth In Lending Act HPA - Correct Answer-Home-owner Protection Act PMI is required when - Correct Answer-Borrower puts less than 20% down ECOA deals with - Correct Answer-credit applications HMDA allow...

ECOA - Reg B - correct answer -Equal Credit Opportunity Act HMDA - Reg C - correct answer -Home Mortgage Disclosure Act RESPA - Reg X - correct answer -Real Estate Settlement Procedures Act TILA - Reg Z - correct answer -Truth In Lending Act HPA - correct answer -Home-owner Protection Act PMI is required when - correct answer -Borrower puts less than 20% down ECOA deals with - correct answer -credit applications HMDA allows to see - correct ans

CFPB Consumer Financial Protection Bureau What does the CFPB do? Regulates RESPA, TILA, ECOA, and HMDA FTC Federal Trade Commission What does the FTC do? Monitors Red Flag Rules RESPA Real Estate Settlement Procedures Act What does RESPA do? •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. •Educates borrowers costs of loan • Eliminates kickbacks and referral fees (section 8) • Establishes rules for escrow What Regulation is RESPA? Reg...

ECOA - Reg B - Answer-Equal Credit Opportunity Act HMDA - Reg C - Answer-Home Mortgage Disclosure Act RESPA - Reg X - Answer-Real Estate Settlement Procedures Act TILA - Reg Z - Answer-Truth In Lending Act HPA - Answer-Home-owner Protection Act PMI is required when - Answer-Borrower puts less than 20% down ECOA deals with - Answer-credit applications HMDA allows to see - Answer-where possible discrimination takes place Where is HMDA found - Answer-Section 10 of the 1003 l...

RESPA Exam Review Questions and answers, rated A+ RESPA - -Real Estate Settlement Procedures Act. Enacted in 1974 by HUD. HUD - -Housing and Urban Development. Administers and enforces RESPA and Reg X. CFPB - -Consumer Financial Protection Bureau. Created by Dodd Frank and Consumer Protection act. Purpose is enforcement and rule making authority over RESPA. Purpose of RESPA and REG X - -1)Help Consumers become better shoppers for settlement(closing services) 2)Eliminate Kickbacks and...