Truth in lending act Study guides, Class notes & Summaries

Dodd-Frank Act Answer Which federal act created the Consumer Financial Protection Bureau? QUESTION RATIONALE Title X of the Dodd-Frank Act creates the Consumer Financial Protection Bureau (CFPB) as an independent entity with rule-making and enforcement authority over many consumer financial laws. RESPA (Real Estate Settlement Procedures Act) Answer The Consumer Financial Protection Bureau on October 3, 2015, implemented the newly combined disclosure that meets the disclosure requirements ...

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 al

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular company...

Business Law Unit 1 Challenges Sophia Business Law Unit 1 Challenges Sophia Challenge no# 1 1.The theory of legal realism is based on which of the following?  A.) Societal norms  B.) Interpretation and enforcement  C.) Human rights  D.) Coercion 2.The theory of legal positivism is based on which of the following?  a.) The social construction of laws  b.) Social and economic interests  c.) The morality of laws  d.) Due process 3.The theory of natural l...

S.A.F.E Mortgage Loan Originator Exam 100% Correct GLBA Gramm-Leah-Bliley Act FTC Federal Trade Commission FCC Federal Communications Commission NPI Non-public Personal Information Consumer Individual who obtains financial services for personal use Customer Continuing relationship with a financial institute EBR Established Business Relationship FACTA Fair Credit Reporting Act (Original FCRA) FHA Fair Housing Act & Federal Housing Administration ECOA Equal Credit ...

What does TILA stand for?Answer - Truth-In-Lending Act, Regulation Z What is a HELOC loan?Answer - a secured loan in that you are borrowing against the equity that has been built in your house What is a REFI loan?Answer - LTV stands forAnswer - Loan to Value Define PMI and state what the acronym stands for.Answer - Private mortgage insurance- on conventional loans Define one time variable funding fee and people in what situations is it waived for?Answer - Disabled veterans ...

Texas Principles of Real Estate 2 (2023/ 2024) Exam | Guide with Verified Answers| 100% QUESTION Loan Origination Fee? Answer: The financing charge that a lender requires. QUESTION VA Loan? Correct Answer: A loan made to qualified veterans for the purchase of real property wherein the Department of Veteran's Affairs guarantees the lender payment of the mortgage. Guarenteed Loan. QUESTION FHA Loans? Answer: Insured. 203b, 203h, Rehab loa...

MLO SAFE NMLS Safe Test Practice Questions and Answers 100% CorrectMLO SAFE NMLS Safe Test Practice Questions and Answers 100% CorrectMLO SAFE NMLS Safe Test Practice Questions and Answers 100% CorrectMLO SAFE NMLS Safe Test Practice Questions and Answers 100% Correct Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - ANSWER-...

According to the FCRA, when must a credit agency give a consumer a free copy of his credit report? A.)If the loan application is denied because of information in the report B.) Whenever he request it A.)If the loan application is denied because of information in the report A Consumer comes into your office to apply for a loan. The Home Mortgage Disclosure Act requires you to collect information about her race. If she does not wish to provide information for that section of the application, ...

According to the FCRA, when must a credit agency give a consumer a free copy of his credit report? A.)If the loan application is denied because of information in the report B.) Whenever he request it - A.)If the loan application is denied because of information in the report A Consumer comes into your office to apply for a loan. The Home Mortgage Disclosure Act requires you to collect information about her race. If she does not wish to provide information for that section of the applicatio...