NMLS Laws and Regulations Exam Questions with Complete Solutions
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 disclosure requirements, advertising requirements as well as rights of rescission and penalties for violation. • Requires creditors to disclose certain key terms and costs of the transaction What Regulation is TILA? - Answer-Reg Z (Today I learned about Zebras. They cost 5k for the first 3 years of life) Who oversees TILA? - Answer-•Consumer Financial Protection Bureau (CFPB), •Advertising: Federal Trade Commission (FTC) How long must records be kept under TILA? - Answer-3 Years (Today I learned about Zebras. They cost 5k for the first 3 years of life)
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- February 18, 2024
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nmls laws and regulations exam questions with comp
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respa answer real estate settlement procedures a
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what does the ftc do answer monitors red flag r
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