Federal Mortgage-Related Laws for SAFE MLO TEST fully solved 2023

Federal Mortgage-Related Laws for SAFE MLO TEST fully solved 2023Regulation B - correct answer ECOA (Equal Credit Opportunity Act) Regulation C - correct answer Home Mortgage Disclosure Act (HMDA) Regulation X - correct answer Real Estate Settlement Procedures Act (RESPA) Regulation V - correct answer Fair Credit Reporting Act (FCRA) Regulation N - correct answer Mortgage Acts and Practices Ad Rule (MAPS) False Advertising protections. N= NO FALSE ADVERTISING of mortgage ads. National Commerce Act and E-Signatures ("E-SIGN) 2000 - correct answer Standard disclosure stating all parties agree to electronic signatures. Compliant e-signatures are electronic sound, symbol or sign; it is NOT a wet signature. Cannot deny a contract due to e-signatures. Privacy Protection Act/Do Not Call Registry - correct answer Telemarketing Consumer Fraud & Abuse Prevention Act. This identifies loan officers as telemarketers when calling customers. Therefore, they must follow this law and it restricts unwanted calls. Two registries must be used and maintained: National Registry (DO NOT CALL) and Internal Registry. Both must be maintained and updated every 31 days. Records of such must be kept 24 months. Violation of this act will cause fines for each call up to $42,530 per call. Do Not Call Safe Harbor Rule - correct answer Companies are not held liable if: 1) they have a DNC policy; 2) regularly train employees; 3)maintain internal list of customers on DNC registry; 4) must access and show proof of maintaining registry every 31 days; 5) must have proof if call was made in error