Ecoa reg b - Study guides, Class notes & Summaries

NMLS Test 100% Correct Solved If an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? - Correct Answer️️ -The borrower has 90 to request and the lender as 30 days to deliver. Appraisal equals? - Correct Answer️️ -Value What law allows the borrower to challenge the value stated in the appraisal? - Correct Answer️️ -ECOA (Reg B), Equal Credit Opport...

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 answer where possible discriminat...

CMB PREP 2024 QUESTIONS WITH COMPLETE SOLUTIONS!!

Reg B - ECOA Exam Questions and Complete Solutions

NMLS 2023 Exam Questions and Answers All Correct (1).docx An annual escrow analysis is used to do which of the following? A. Ensure the loan is properly amortized B. Prevent escrow overages C. Reduce burden on the servicer D. Report underwriting errors - Answer-B. Prevent escrow overages The disclosure requirements of RESPA would apply to which of the following loans? A. A loan to purchase 75 acres of land B. A farm loan C. A loan to purchase a property that includes a gas station a...

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 SAFE EXAM PREP QUESTIONS AND ANSWERS HMDA allows to see - Answer-where possible discrimination takes place Where is HMDA found - Answer-Section 10 of the 1003 loan app PMI - Answer-Private mortgage insurance TILA deals with - Answer-advertising of loans, cerdit, APR PMI protects who - Answer-The Lender SAFE - Answer-Secure And Fair Enforcement Act HERA - Answer-Housing and Economic Recovery Act HERA created what act - Answer-SAFE Act FCRA - Reg V - Answer-Fair Cre...

Real Estate Settlement Procedures Act Answer Regulation X 1974 RESPA Answer Real Estate Settlement Procedures Act Equal Credit Opportunity Act Answer Regulation B 1974 ECOA Answer Equal Credit Opportunity Act Truth-in-Lending Act Answer Regualtion Z 1968 TILA Answer Truth-in-Lending Act Truth-in-Lending refers to Advertising in what ways? Answer Inform consent, terms and cost and credit. Home Owners Protection Act Answer Reg Z Section 32 Reg Section 32 Answer HOEPA Sec...

NMLS SAFE EXAM PREP With Correct Solutions 2024

ECOA (Reg B) Equal Credit Opportunity Act (Reg B) Prohibit discrimination HMDA Home Mortgage Disclosure Act (Reg C) requires lenders to report public loan data on both approved and denied loans FCRA Fair Credit Reporting Act (Reg V) promotes accuracy and ensures privacy of consumer credit information RESPA Real Estate Settlement Procedure Agreement (Reg X) disclosure laws