Truth in lending act Study guides, Class notes & Summaries

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, ...

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...

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...

PSI Salesperson Real Estate Practice Exam Version 2 (2023/ 2024 Update) | Questions and Verified Answers|100% Correct Q: Even if a loan applicant's current income seems adequate to qualify for a certain loan, the Equal Credit Opportunity Act allows a lender to refuse the loan as a high risk if the applicant's main source of income is Answer: commission sales. Q: According to the Truth-in-Lending Act, if any "trigger terms" are used in an ad, all of the following disclosures M...

An objective of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is to Answer eliminate unfair practices relating to compensation paid to mortgage loan originators. The Federal Reserve Board crafted a ruling, the Federal Reserve Loan Originator Compensation Rule, which, as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, set standards to prevent unfair practices by mortgage loan originators related to compensation paid by borrowers. Lo...

Which item below can help protect against a home with a listed incorrect street address or legal description in public records? - Standard coverage title insurance policy and extended coverage title insurance policy Robert owns his property and enjoys the full bundle of rights. Can he use his property as collateral for debt? - Yes. Robert can encumber his property Which location is an industrial coal plant least likely to be located? - Adjacent to an elementary school What is the least li...

Which law regulates the activities of consumer reporting agencies and users of consumer credit reports? Answer FCRA Which agency manages the National Do Not Call Registry? Answer Federal Trade Commission Which act led to the Nationwide Mortgage Licensing System and Registry for the residential mortgage industry? Answer The SAFE Act Under ECOA, providing different terms of financing for a potential borrower who has poor credit scores due to a recent bankruptcy is considered? Answer Accep...

20-HR SAFE Comprehensive Mortgage Loan Originator Fundamentals HW 100% Pass Mortgage loan originators who make cold calls must comply with the requirements of the National Do-Not-Call rules. The loan originator needs to update any download of the registry at least every: 31 days 18 Months 7 days Year 31 Days The appraisal approach that is used as the best indicator of value for existing properties is: Similar property approach Fair market value approach Market data approac...

MLO - Study Material Question and answers already passed 2023/2024 The federal Truth in Lending Act - correct answer regulates advertising with references to mortgage interest rates. Which would LEAST LIKELY be a changed circumstance that would trigger the need to provide a new GFE to a borrower? - correct answer The mortgage loan originator learns that the alimony the borrower receives (which was not included in her income analysis) will cease after she is remarried next month. What fac...

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 Predatory Lending. RESPA-Real Estate Settlement Procedures Act Answer The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits Answer Home sellers from requiring home buyers to purchase title insurance from a par...