NCCO - Exam 3
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1. What must be included in the risk-based pricing 1. Credit Score Information
notice? 2. Credit Score Range
3. Factors Affecting the Score
4. Credit Reporting Agency
5. Notice the Rights
6. Comparison Statement
2. Specifically, which MLA disclosures must be writ- Written:
ten and which disclosures must be given orally? 1. MLA Disclosure Statement
2. Loan Cost Disclosure
3. Written Notice of Military Rights
Oral:
1. Loan Terms and Costs
2. Consumer Protection
3. Which type of loans are covered under the MLA? Consumer Credit Transactions
Payday Loans
Vehicle Title Loans
Refund Anticipation Loans
Certain Other Types of Credit
4. What are the MLA disclosure requirements? Disclosed written or orally
5. In what ways does Regulation Z limit a loan orig- On the terms of a transaction or a
inator's compensation? proxy for a transaction term
6. What tolerance applies if the member can shop No Tolerance
and chooses a provider that is not on the written
list of service providers?
7. When can a member cancel a private education Can cancel for 3 days
loan?
, NCCO - Exam 3
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8. What are the disclosure requirements for private Application disclosure
education loans? Approval disclosure
Final disclosure
9. What tolerance applies to a mortgage related ser- Zero tolerance is applied
vices if the member is not permitted to shop?
10. What tolerance applies if the member is permit- 10% Cumulative is applied
ted to shop for a mortgage related service?
11. Which costs does each level apply to? ZT: fees paid to CU, Mortgage bro-
ker or an affiliate, fees paid to un-
affiliated 3rd party if the member
was not permitted to shop, trans-
fer taxes
10%: recording fees and fees paid
to 3rd party if member is permit-
ted to shop
No T: charges can increase
12. What are the difference levels for mortgage relat- Zero Tolerance
ed services? 10% Cumulative Tolerance
No Tolerance
13. What does it mean to provide the Loan Estimate Loan Estimate is provided with a
in good faith? certain degree of accuracy.
0% change between Loan Esti-
mate and Closing Disclosure.
14. What are the restrictions on activities that a credit Cannot impose fees on the bor-
union may not take before the borrower receives rower until the Loan Estimate is
, NCCO - Exam 3
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the Loan Estimate and indicates an intent to pro- provided and the borrower indi-
ceed with the loan? cates their intent to proceed
15. When does the member need to receive the dis- If placed in the mail, it is consid-
closure? ered received 3 business days af-
ter delivered, placed in the mail or
sent.
16. What are the timing requirements for delivering Received no later than 3 business
the Closing Disclosure? days before consummation
17. When is the Loan Estimate disclosure considered If place in the mail, it is considered
received? received 3 business days after de-
livered, placed in the mail or sent.
18. When does the CU need to send the Loan Esti- No later than the 3rd business day
mate? following the receipt of applica-
tion.
19. "Business Day" is defined in two different ways. General Definition: a day creditor's
What are the two definitions? offices are open to the public.
Specific Definition: all calendar
days except Sundays and Federal
holidays
20. When can Regulation Z application disclosures be For HELOCs
used instead of the GFE?
21. Which loans are generally subject to RESPA, but For open-end credit
not the disclosure requirements?
22. What loans are subject to RESPA? Applies to all federally related
mortgage loans
Study online at https://quizlet.com/_fmw91d
1. What must be included in the risk-based pricing 1. Credit Score Information
notice? 2. Credit Score Range
3. Factors Affecting the Score
4. Credit Reporting Agency
5. Notice the Rights
6. Comparison Statement
2. Specifically, which MLA disclosures must be writ- Written:
ten and which disclosures must be given orally? 1. MLA Disclosure Statement
2. Loan Cost Disclosure
3. Written Notice of Military Rights
Oral:
1. Loan Terms and Costs
2. Consumer Protection
3. Which type of loans are covered under the MLA? Consumer Credit Transactions
Payday Loans
Vehicle Title Loans
Refund Anticipation Loans
Certain Other Types of Credit
4. What are the MLA disclosure requirements? Disclosed written or orally
5. In what ways does Regulation Z limit a loan orig- On the terms of a transaction or a
inator's compensation? proxy for a transaction term
6. What tolerance applies if the member can shop No Tolerance
and chooses a provider that is not on the written
list of service providers?
7. When can a member cancel a private education Can cancel for 3 days
loan?
, NCCO - Exam 3
Study online at https://quizlet.com/_fmw91d
8. What are the disclosure requirements for private Application disclosure
education loans? Approval disclosure
Final disclosure
9. What tolerance applies to a mortgage related ser- Zero tolerance is applied
vices if the member is not permitted to shop?
10. What tolerance applies if the member is permit- 10% Cumulative is applied
ted to shop for a mortgage related service?
11. Which costs does each level apply to? ZT: fees paid to CU, Mortgage bro-
ker or an affiliate, fees paid to un-
affiliated 3rd party if the member
was not permitted to shop, trans-
fer taxes
10%: recording fees and fees paid
to 3rd party if member is permit-
ted to shop
No T: charges can increase
12. What are the difference levels for mortgage relat- Zero Tolerance
ed services? 10% Cumulative Tolerance
No Tolerance
13. What does it mean to provide the Loan Estimate Loan Estimate is provided with a
in good faith? certain degree of accuracy.
0% change between Loan Esti-
mate and Closing Disclosure.
14. What are the restrictions on activities that a credit Cannot impose fees on the bor-
union may not take before the borrower receives rower until the Loan Estimate is
, NCCO - Exam 3
Study online at https://quizlet.com/_fmw91d
the Loan Estimate and indicates an intent to pro- provided and the borrower indi-
ceed with the loan? cates their intent to proceed
15. When does the member need to receive the dis- If placed in the mail, it is consid-
closure? ered received 3 business days af-
ter delivered, placed in the mail or
sent.
16. What are the timing requirements for delivering Received no later than 3 business
the Closing Disclosure? days before consummation
17. When is the Loan Estimate disclosure considered If place in the mail, it is considered
received? received 3 business days after de-
livered, placed in the mail or sent.
18. When does the CU need to send the Loan Esti- No later than the 3rd business day
mate? following the receipt of applica-
tion.
19. "Business Day" is defined in two different ways. General Definition: a day creditor's
What are the two definitions? offices are open to the public.
Specific Definition: all calendar
days except Sundays and Federal
holidays
20. When can Regulation Z application disclosures be For HELOCs
used instead of the GFE?
21. Which loans are generally subject to RESPA, but For open-end credit
not the disclosure requirements?
22. What loans are subject to RESPA? Applies to all federally related
mortgage loans
