QUIZ 5: FEDERAL LAWS GOVERNING
MORTGAGE PRACTICE QUESTIONS
AND CORRECT ANSWERS
AllA2ofA2theA2followingA2canA2beA2expressedA2asA2pointsA2EXCEPT
yieldA2spreadA2premiums.
lateA2fee.
mortgageA2brokerA2fee.
loanA2originationA2fee.A2-A2Ans--
FeesA2thatA2mayA2beA2expressedA2asA2pointsA2includeA2aA2loanA2originationA2fee,A2aA2mort
gageA2broker'sA2fee,A2discountA2pointsA2andA2yieldA2spreadA2premiums,A2whichA2areA2allA2
percentagesA2ofA2theA2loanA2amount,A2orA2loanA2balance.
UnderA2RESPA,A2whoA2wouldA2beA2subjectA2toA2finesA2andA2penaltiesA2ifA2aA2kickbackA2is
A2paid?
theA2personA2whoA2receivedA2theA2kickback
theA2personA2whoA2initiatedA2theA2kickbackA2arrangement
allA2partiesA2payingA2orA2receivingA2aA2kickback
theA2personA2whoA2paidA2theA2kickbackA2-A2Ans--
RESPAA2bannedA2aA2numberA2ofA2practicesA2involvingA2kickbacks,A2feeA2splitting,A2andA2
unearnedA2feesA2byA2partiesA2involvedA2inA2orA2relatedA2toA2aA2realA2estateA2transaction.
AA2mortgageA2loanA2originatorA2knowsA2thatA2theA2applicant'sA2sourceA2ofA2incomeA2isA2pu
blicA2assistance,A2soA2heA2tellsA2theA2applicantA2notA2toA2wasteA2hisA2timeA2fillingA2outA2an
A2applicationA2forA2aA2mortgageA2loan.A2WhatA2federalA2lawA2hasA2theA2MLOA2violated?
TheA2MLOA2hasA2notA2violatedA2anyA2federalA2law.
CRA
HMDA
ECOAA2-A2Ans--
InA21976,A2ECOAA2wasA2amendedA2toA2makeA2itA2unlawfulA2toA2discriminateA2inA2anyA2cre
ditA2transactionA2basedA2onA2race,A2color,A2religion,A2nationalA2origin,A2age,A2receiptA2ofA2
publicA2assistance,A2orA2theA2goodA2faithA2exerciseA2ofA2rightsA2underA2theA2ConsumerA2P
rotectionA2Act.
ForA2anA2FHAA230-yearA2loanA2withA2aA2minimumA2downA2payment,A2theA2annualA2MIP
willA2beA2canceledA2whenA2theA2borrower'sA2equityA2reachesA222%A2ofA2theA2purchaseA2pr
iceA2orA2appraisedA2valueA2atA2theA2timeA2ofA2purchase,A2regardlessA2ofA2theA2lengthA2ofA2
timeA2heA2hasA2paidA2theA2annualA2MIP.
mustA2beA2paidA2untilA2theA2loanA2isA2paidA2off.
willA2beA2canceledA2whenA2theA2loanA2balanceA2isA2downA2toA278%A2ofA2theA2purchaseA2pr
iceA2orA2appraisedA2valueA2atA2theA2timeA2ofA2purchase,A2providedA2theA2borrowerA2hasA2p
aidA2annualA2MIPA2forA2atA2leastA2fiveA2years.
,willA2beA2canceledA2whenA2theA2borrower'sA2equityA2reachesA220%A2ofA2theA2purchaseA2pr
iceA2orA2appraisedA2valueA2atA2theA2timeA2ofA2purchase,A2providedA2heA2hasA2paidA2theA2a
nnualA2MIPA2forA2atA2leastA2fiveA2years.A2-A2Ans--
ForA2anyA2mortgageA2involvingA2anA2originalA2principalA2obligationA2(excludingA2financedA
2UFMIP)A2withA2anA2LTVA2greaterA2thanA290A2percent,A2FHAA2willA2assessA2theA2annualA2
MIPA2untilA2theA2endA2ofA2theA2mortgageA2termA2orA2forA2theA2firstA230A2yearsA2ofA2theA2ter
m,A2whicheverA2occursA2first.
AccordingA2toA2TILA'sA2ATRA2Rule,A2inA2makingA2aA2QualifiedA2MortgageA2(QM),A2require
dA2underwritingA2standardsA2includeA2calculationA2ofA2monthlyA2paymentsA2usingA2theA2m
aximumA2interestA2rateA2thatA2mayA2applyA2duringA2theA2loan'sA2firstA2____A2years.
three
five
two
fourA2-A2Ans--
TheA2correctA2answerA2isA2five.A2AccordingA2toA2TILA'sA2ATRA2Rule,A2inA2makingA2aA2Qual
ifiedA2MortgageA2(QM),A2requiredA2underwritingA2standardsA2includeA2calculationA2ofA2mo
nthlyA2paymentsA2usingA2theA2maximumA2interestA2rateA2thatA2mayA2applyA2duringA2theA2l
oan'sA2firstA2fiveA2years.
ABCA2BankA2receivesA2aA2changeA2ofA2addressA2requestA2fromA2aA2consumer.A2WhatA2re
quiresA2theA2bankA2toA2followA2upA2withA2himA2toA2verifyA2theA2validityA2ofA2theA2request?
RedA2FlagA2Rules
FederalA2Reserve
TruthA2inA2LendingA2Act
SAFEA2ActA2-A2Ans--
TheA2FairA2andA2AccurateA2CreditA2TransactionsA2ActA2(FACTA)A2containedA2provisionsA2
aimedA2atA2creatingA2policiesA2andA2proceduresA2toA2helpA2identityA2theftA2prevention.A2Th
eA2rulesA2relatingA2toA2identityA2theftA2areA2referredA2toA2asA2theA2RedA2FlagsA2Rules.A2The
A2rulesA2areA2designedA2toA2identifyA2inA2advanceA2anyA2redA2flagsA2relatingA2toA2identityA2t
heft.A2InA2soA2doing,A2aA2businessA2canA2beA2betterA2preparedA2toA2spotA2suspiciousA2patt
ernsA2thatA2mayA2occurA2andA2takeA2stepsA2toA2preventA2potentialA2problemsA2fromA2escal
atingA2intoA2aA2costlyA2identityA2theftA2eventA2forA2aA2consumer.
PaymentA2ofA2whichA2ofA2theA2followingA2wouldA2reduceA2aA2borrower'sA2interestA2rate?
DiscountA2points
MortgageA2brokerA2fee
YieldA2spreadA2premium
LoanA2originationA2feeA2-A2Ans--
DiscountA2pointsA2areA2chargedA2toA2aA2borrowerA2forA2aA2loanA2atA2anA2interestA2rateA2bel
owA2par.A2AA2loanA2originationA2feeA2isA2paidA2forA2processingA2theA2loan;A2itsA2paymentA2
doesA2notA2affectA2theA2interestA2rate.
UnderA2ECOA,A2whichA2ofA2theA2followingA2couldA2beA2aA2decidingA2factorA2inA2denyingA2a
A2loanA2application?
TheA2applicant'sA2religion
,TheA2applicantA2isA2underA218A2yearsA2old
TheA2applicant'sA2ethnicity
TheA2raceA2ofA2thoseA2inA2theA2neighborhoodA2inA2whichA2theA2propertyA2isA2locatedA2-
A2Ans--
AgeA2mayA2beA2consideredA2whenA2applicantsA2areA2youngerA2thanA218A2yearsA2ofA2ageA2
andA2tooA2youngA2toA2signA2contracts
MLOA2JonA2fromA2ABCA2MortgageA2isA2meetingA2withA2aA2potentialA2borrower.A2WhatA2ma
yA2JonA2NEVERA2askA2aboutA2duringA2theA2loanA2applicationA2process?
nationalA2origin
maritalA2status
race
religionA2-A2Ans--
AA2lenderA2thatA2receivesA2anA2applicationA2forA2creditA2forA2theA2purchaseA2orA2refinancin
gA2ofA2aA2dwellingA2toA2beA2occupiedA2byA2theA2applicantA2asA2aA2principalA2residenceA2isA
2requiredA2underA2RegulationA2BA21002.13A2toA2request,A2asA2aA2partA2ofA2theA2application
,A2theA2followingA2informationA2regardingA2theA2applicant:A2RaceA2orA2nationalA2originA2(ca
tegoriesA2are:A2AmericanA2Indian,A2AlaskanA2Native,A2AsianA2orA2PacificA2Islander,A2Black
,A2White,A2Hispanic,A2orA2OtherA2toA2beA2specified.),A2Sex,A2MaritalA2StatusA2(categoriesA2
are:A2married,A2unmarried,A2orA2separated),A2Age.
TheA2FairA2andA2AccurateA2CreditA2TransactionsA2ActA2(FACTA)A2statesA2that,A2uponA2req
uest,A2consumersA2mustA2beA2givenA2aA2copyA2ofA2theirA2creditA2report
forA2aA2feeA2onceA2everyA2twelveA2months.
forA2freeA2onceA2everyA2threeA2months.
forA2freeA2onceA2everyA2twelveA2months.
forA2freeA2asA2frequentlyA2asA2theyA2requestA2it.A2-A2Ans--
FACTAA2requiresA2theA2threeA2majorA2creditA2reportingA2agenciesA2toA2allowA2consumersA
2toA2obtainA2aA2freeA2copyA2ofA2theirA2ownA2creditA2reportA2everyA212A2months,A2soA2theyA2
canA2haveA2anA2opportunityA2toA2discoverA2andA2correctA2errorsA2inA2theirA2creditA2records
A2andA2makeA2sureA2thatA2accountsA2haveA2notA2beenA2fraudulentlyA2openedA2inA2theirA2n
ames.
AccordingA2toA2RegulationA2P,A2implementingA2theA2Gramm-Leach-
BlileyA2ActA2(GLBA),A2nonpublicA2personalA2informationA2canA2beA2disclosedA2byA2aA2fina
ncialA2institutionA2to
aA2consumerA2reportingA2agency.
aA2businessA2partnerA2ofA2theA2individualA2takingA2aA2loan.
theA2spouse.
anotherA2financialA2institution.A2-A2Ans--
WithA2disclosureA2toA2theA2consumerA2andA2aA2contractualA2confidentialityA2agreement,A2
aA2financialA2institutionA2canA2provideA2nonpublicA2personalA2informationA2toA2aA2consume
rA2reportingA2agency.
UnderA2TILA'sA2QualifiedA2MortgageA2(QM)A2Rule,A2aA2QMA2ofA2$325,750A2mayA2notA2hav
eA2pointsA2andA2feesA2thatA2exceedA2_______A2ofA2theA2totalA2loanA2amount.
, 3%
4%
5%
6%A2-A2Ans--
UnderA2TILA'sA2QualifiedA2MortgageA2(QM)A2Rule,A2aA2QMA2ofA2$100,000A2orA2moreA2(adj
ustedA2annuallyA2forA2inflation)A2mayA2notA2haveA2pointsA2andA2feesA2thatA2exceedA2threeA
2percentA2ofA2theA2totalA2loanA2amount.
AnA2applicantA2appliesA2toA2aA2mortgageA2companyA2forA2aA2homeA2loan.A2SheA2isA2refus
edA2basedA2onA2theA2reputationA2ofA2theA2neighborhoodA2whereA2theA2subjectA2propertyA2i
sA2locatedA2forA2aA2highA2numberA2ofA2foreclosures.A2ThisA2isA2anA2exampleA2ofA2whatA2ille
galA2practice?
Puffing
Redlining
Blockbusting
SteeringA2-A2Ans--
RedliningA2isA2theA2practiceA2ofA2refusingA2toA2makeA2mortgageA2loansA2orA2issueA2insura
nceA2policiesA2inA2specificA2geographicalA2areasA2forA2reasonsA2otherA2thanA2theA2qualific
ationsA2ofA2theA2applicant.
TheA2federalA2regulationA2thatA2implementsA2theA2RealA2EstateA2SettlementA2ProceduresA
2ActA2is
RegulationA2C.
RegulationA2Z.
RegulationA2B.
RegulationA2X.A2-A2Ans--
TheA2federalA2regulationA2thatA2implementsA2theA2RealA2EstateA2SettlementA2ProceduresA
2ActA2isA2RegulationA2X.A2RegulationA2ZA2implementsA2theA2TruthA2inA2LendingA2Act.
InA2responseA2toA2anA2oralA2inquiryA2aboutA2theA2costA2ofA2credit,A2theA2TruthA2inA2Lending
A2ActA2requiresA2whichA2ofA2theA2followingA2toA2beA2disclosed?
AnnualA2percentageA2rate
SimpleA2interestA2rate
FederalA2fundsA2rate
FederalA2ReserveA2discountA2rateA2-A2Ans--
TILAA2requiresA2thatA2theA2annualA2percentageA2rateA2mustA2beA2providedA2toA2consumer
sA2inA2anyA2disclosureA2ofA2creditA2terms.
TheA2TruthA2inA2LendingA2DisclosureA2StatementA2is
aA2loanA2commitment.
aA2guaranteeA2ofA2financeA2charges.
anA2estimateA2ofA2financeA2chargesA2forA2aA2particularA2loan.
aA2loanA2agreement.A2-A2Ans--
TheA2TruthA2inA2LendingA2DisclosureA2StatementA2showsA2theA2financeA2charge.A2ThisA2is
A2theA2dollarA2amountA2theA2creditA2willA2costA2theA2borrower.A2ItA2includesA2anyA2chargeA2
MORTGAGE PRACTICE QUESTIONS
AND CORRECT ANSWERS
AllA2ofA2theA2followingA2canA2beA2expressedA2asA2pointsA2EXCEPT
yieldA2spreadA2premiums.
lateA2fee.
mortgageA2brokerA2fee.
loanA2originationA2fee.A2-A2Ans--
FeesA2thatA2mayA2beA2expressedA2asA2pointsA2includeA2aA2loanA2originationA2fee,A2aA2mort
gageA2broker'sA2fee,A2discountA2pointsA2andA2yieldA2spreadA2premiums,A2whichA2areA2allA2
percentagesA2ofA2theA2loanA2amount,A2orA2loanA2balance.
UnderA2RESPA,A2whoA2wouldA2beA2subjectA2toA2finesA2andA2penaltiesA2ifA2aA2kickbackA2is
A2paid?
theA2personA2whoA2receivedA2theA2kickback
theA2personA2whoA2initiatedA2theA2kickbackA2arrangement
allA2partiesA2payingA2orA2receivingA2aA2kickback
theA2personA2whoA2paidA2theA2kickbackA2-A2Ans--
RESPAA2bannedA2aA2numberA2ofA2practicesA2involvingA2kickbacks,A2feeA2splitting,A2andA2
unearnedA2feesA2byA2partiesA2involvedA2inA2orA2relatedA2toA2aA2realA2estateA2transaction.
AA2mortgageA2loanA2originatorA2knowsA2thatA2theA2applicant'sA2sourceA2ofA2incomeA2isA2pu
blicA2assistance,A2soA2heA2tellsA2theA2applicantA2notA2toA2wasteA2hisA2timeA2fillingA2outA2an
A2applicationA2forA2aA2mortgageA2loan.A2WhatA2federalA2lawA2hasA2theA2MLOA2violated?
TheA2MLOA2hasA2notA2violatedA2anyA2federalA2law.
CRA
HMDA
ECOAA2-A2Ans--
InA21976,A2ECOAA2wasA2amendedA2toA2makeA2itA2unlawfulA2toA2discriminateA2inA2anyA2cre
ditA2transactionA2basedA2onA2race,A2color,A2religion,A2nationalA2origin,A2age,A2receiptA2ofA2
publicA2assistance,A2orA2theA2goodA2faithA2exerciseA2ofA2rightsA2underA2theA2ConsumerA2P
rotectionA2Act.
ForA2anA2FHAA230-yearA2loanA2withA2aA2minimumA2downA2payment,A2theA2annualA2MIP
willA2beA2canceledA2whenA2theA2borrower'sA2equityA2reachesA222%A2ofA2theA2purchaseA2pr
iceA2orA2appraisedA2valueA2atA2theA2timeA2ofA2purchase,A2regardlessA2ofA2theA2lengthA2ofA2
timeA2heA2hasA2paidA2theA2annualA2MIP.
mustA2beA2paidA2untilA2theA2loanA2isA2paidA2off.
willA2beA2canceledA2whenA2theA2loanA2balanceA2isA2downA2toA278%A2ofA2theA2purchaseA2pr
iceA2orA2appraisedA2valueA2atA2theA2timeA2ofA2purchase,A2providedA2theA2borrowerA2hasA2p
aidA2annualA2MIPA2forA2atA2leastA2fiveA2years.
,willA2beA2canceledA2whenA2theA2borrower'sA2equityA2reachesA220%A2ofA2theA2purchaseA2pr
iceA2orA2appraisedA2valueA2atA2theA2timeA2ofA2purchase,A2providedA2heA2hasA2paidA2theA2a
nnualA2MIPA2forA2atA2leastA2fiveA2years.A2-A2Ans--
ForA2anyA2mortgageA2involvingA2anA2originalA2principalA2obligationA2(excludingA2financedA
2UFMIP)A2withA2anA2LTVA2greaterA2thanA290A2percent,A2FHAA2willA2assessA2theA2annualA2
MIPA2untilA2theA2endA2ofA2theA2mortgageA2termA2orA2forA2theA2firstA230A2yearsA2ofA2theA2ter
m,A2whicheverA2occursA2first.
AccordingA2toA2TILA'sA2ATRA2Rule,A2inA2makingA2aA2QualifiedA2MortgageA2(QM),A2require
dA2underwritingA2standardsA2includeA2calculationA2ofA2monthlyA2paymentsA2usingA2theA2m
aximumA2interestA2rateA2thatA2mayA2applyA2duringA2theA2loan'sA2firstA2____A2years.
three
five
two
fourA2-A2Ans--
TheA2correctA2answerA2isA2five.A2AccordingA2toA2TILA'sA2ATRA2Rule,A2inA2makingA2aA2Qual
ifiedA2MortgageA2(QM),A2requiredA2underwritingA2standardsA2includeA2calculationA2ofA2mo
nthlyA2paymentsA2usingA2theA2maximumA2interestA2rateA2thatA2mayA2applyA2duringA2theA2l
oan'sA2firstA2fiveA2years.
ABCA2BankA2receivesA2aA2changeA2ofA2addressA2requestA2fromA2aA2consumer.A2WhatA2re
quiresA2theA2bankA2toA2followA2upA2withA2himA2toA2verifyA2theA2validityA2ofA2theA2request?
RedA2FlagA2Rules
FederalA2Reserve
TruthA2inA2LendingA2Act
SAFEA2ActA2-A2Ans--
TheA2FairA2andA2AccurateA2CreditA2TransactionsA2ActA2(FACTA)A2containedA2provisionsA2
aimedA2atA2creatingA2policiesA2andA2proceduresA2toA2helpA2identityA2theftA2prevention.A2Th
eA2rulesA2relatingA2toA2identityA2theftA2areA2referredA2toA2asA2theA2RedA2FlagsA2Rules.A2The
A2rulesA2areA2designedA2toA2identifyA2inA2advanceA2anyA2redA2flagsA2relatingA2toA2identityA2t
heft.A2InA2soA2doing,A2aA2businessA2canA2beA2betterA2preparedA2toA2spotA2suspiciousA2patt
ernsA2thatA2mayA2occurA2andA2takeA2stepsA2toA2preventA2potentialA2problemsA2fromA2escal
atingA2intoA2aA2costlyA2identityA2theftA2eventA2forA2aA2consumer.
PaymentA2ofA2whichA2ofA2theA2followingA2wouldA2reduceA2aA2borrower'sA2interestA2rate?
DiscountA2points
MortgageA2brokerA2fee
YieldA2spreadA2premium
LoanA2originationA2feeA2-A2Ans--
DiscountA2pointsA2areA2chargedA2toA2aA2borrowerA2forA2aA2loanA2atA2anA2interestA2rateA2bel
owA2par.A2AA2loanA2originationA2feeA2isA2paidA2forA2processingA2theA2loan;A2itsA2paymentA2
doesA2notA2affectA2theA2interestA2rate.
UnderA2ECOA,A2whichA2ofA2theA2followingA2couldA2beA2aA2decidingA2factorA2inA2denyingA2a
A2loanA2application?
TheA2applicant'sA2religion
,TheA2applicantA2isA2underA218A2yearsA2old
TheA2applicant'sA2ethnicity
TheA2raceA2ofA2thoseA2inA2theA2neighborhoodA2inA2whichA2theA2propertyA2isA2locatedA2-
A2Ans--
AgeA2mayA2beA2consideredA2whenA2applicantsA2areA2youngerA2thanA218A2yearsA2ofA2ageA2
andA2tooA2youngA2toA2signA2contracts
MLOA2JonA2fromA2ABCA2MortgageA2isA2meetingA2withA2aA2potentialA2borrower.A2WhatA2ma
yA2JonA2NEVERA2askA2aboutA2duringA2theA2loanA2applicationA2process?
nationalA2origin
maritalA2status
race
religionA2-A2Ans--
AA2lenderA2thatA2receivesA2anA2applicationA2forA2creditA2forA2theA2purchaseA2orA2refinancin
gA2ofA2aA2dwellingA2toA2beA2occupiedA2byA2theA2applicantA2asA2aA2principalA2residenceA2isA
2requiredA2underA2RegulationA2BA21002.13A2toA2request,A2asA2aA2partA2ofA2theA2application
,A2theA2followingA2informationA2regardingA2theA2applicant:A2RaceA2orA2nationalA2originA2(ca
tegoriesA2are:A2AmericanA2Indian,A2AlaskanA2Native,A2AsianA2orA2PacificA2Islander,A2Black
,A2White,A2Hispanic,A2orA2OtherA2toA2beA2specified.),A2Sex,A2MaritalA2StatusA2(categoriesA2
are:A2married,A2unmarried,A2orA2separated),A2Age.
TheA2FairA2andA2AccurateA2CreditA2TransactionsA2ActA2(FACTA)A2statesA2that,A2uponA2req
uest,A2consumersA2mustA2beA2givenA2aA2copyA2ofA2theirA2creditA2report
forA2aA2feeA2onceA2everyA2twelveA2months.
forA2freeA2onceA2everyA2threeA2months.
forA2freeA2onceA2everyA2twelveA2months.
forA2freeA2asA2frequentlyA2asA2theyA2requestA2it.A2-A2Ans--
FACTAA2requiresA2theA2threeA2majorA2creditA2reportingA2agenciesA2toA2allowA2consumersA
2toA2obtainA2aA2freeA2copyA2ofA2theirA2ownA2creditA2reportA2everyA212A2months,A2soA2theyA2
canA2haveA2anA2opportunityA2toA2discoverA2andA2correctA2errorsA2inA2theirA2creditA2records
A2andA2makeA2sureA2thatA2accountsA2haveA2notA2beenA2fraudulentlyA2openedA2inA2theirA2n
ames.
AccordingA2toA2RegulationA2P,A2implementingA2theA2Gramm-Leach-
BlileyA2ActA2(GLBA),A2nonpublicA2personalA2informationA2canA2beA2disclosedA2byA2aA2fina
ncialA2institutionA2to
aA2consumerA2reportingA2agency.
aA2businessA2partnerA2ofA2theA2individualA2takingA2aA2loan.
theA2spouse.
anotherA2financialA2institution.A2-A2Ans--
WithA2disclosureA2toA2theA2consumerA2andA2aA2contractualA2confidentialityA2agreement,A2
aA2financialA2institutionA2canA2provideA2nonpublicA2personalA2informationA2toA2aA2consume
rA2reportingA2agency.
UnderA2TILA'sA2QualifiedA2MortgageA2(QM)A2Rule,A2aA2QMA2ofA2$325,750A2mayA2notA2hav
eA2pointsA2andA2feesA2thatA2exceedA2_______A2ofA2theA2totalA2loanA2amount.
, 3%
4%
5%
6%A2-A2Ans--
UnderA2TILA'sA2QualifiedA2MortgageA2(QM)A2Rule,A2aA2QMA2ofA2$100,000A2orA2moreA2(adj
ustedA2annuallyA2forA2inflation)A2mayA2notA2haveA2pointsA2andA2feesA2thatA2exceedA2threeA
2percentA2ofA2theA2totalA2loanA2amount.
AnA2applicantA2appliesA2toA2aA2mortgageA2companyA2forA2aA2homeA2loan.A2SheA2isA2refus
edA2basedA2onA2theA2reputationA2ofA2theA2neighborhoodA2whereA2theA2subjectA2propertyA2i
sA2locatedA2forA2aA2highA2numberA2ofA2foreclosures.A2ThisA2isA2anA2exampleA2ofA2whatA2ille
galA2practice?
Puffing
Redlining
Blockbusting
SteeringA2-A2Ans--
RedliningA2isA2theA2practiceA2ofA2refusingA2toA2makeA2mortgageA2loansA2orA2issueA2insura
nceA2policiesA2inA2specificA2geographicalA2areasA2forA2reasonsA2otherA2thanA2theA2qualific
ationsA2ofA2theA2applicant.
TheA2federalA2regulationA2thatA2implementsA2theA2RealA2EstateA2SettlementA2ProceduresA
2ActA2is
RegulationA2C.
RegulationA2Z.
RegulationA2B.
RegulationA2X.A2-A2Ans--
TheA2federalA2regulationA2thatA2implementsA2theA2RealA2EstateA2SettlementA2ProceduresA
2ActA2isA2RegulationA2X.A2RegulationA2ZA2implementsA2theA2TruthA2inA2LendingA2Act.
InA2responseA2toA2anA2oralA2inquiryA2aboutA2theA2costA2ofA2credit,A2theA2TruthA2inA2Lending
A2ActA2requiresA2whichA2ofA2theA2followingA2toA2beA2disclosed?
AnnualA2percentageA2rate
SimpleA2interestA2rate
FederalA2fundsA2rate
FederalA2ReserveA2discountA2rateA2-A2Ans--
TILAA2requiresA2thatA2theA2annualA2percentageA2rateA2mustA2beA2providedA2toA2consumer
sA2inA2anyA2disclosureA2ofA2creditA2terms.
TheA2TruthA2inA2LendingA2DisclosureA2StatementA2is
aA2loanA2commitment.
aA2guaranteeA2ofA2financeA2charges.
anA2estimateA2ofA2financeA2chargesA2forA2aA2particularA2loan.
aA2loanA2agreement.A2-A2Ans--
TheA2TruthA2inA2LendingA2DisclosureA2StatementA2showsA2theA2financeA2charge.A2ThisA2is
A2theA2dollarA2amountA2theA2creditA2willA2costA2theA2borrower.A2ItA2includesA2anyA2chargeA2
