Which Regulation established the 3-day right of recession rule? - TILA/REG Z
Redlining is part of which regulation/Law? - Fair Housing Act
Blockbusting is part of which regulation/Law? - Fair Housing Act
Steering is part of which regulation/Law? - Fair Housing Act
Trying to convince a homeowner to SELL his home by implying that another
race/ethnicity is moving in the neighborhood is called? - Blockbusting/panic selling
Trying to convince a homeowner to PURCHASE in a particular neighborhood based on
his race, religion or ethnicity is called? - STEERING
Refusing to make loans on a property in a certain neighborhood for discriminatory
reasons is called? - Redlining
What does HOEPA stand for? - Home Ownership and Equity Protection Act
HOEPA Loans are part of which larger regulation? - Reg Z/Tila
High Cost Loans are part of which larger regulation? - Reg Z/Tila
High Priced Loans are part of which larger regulation? - Reg Z/Tila
Section 32 Loans are part of which larger regulation? - Reg Z/Tila
Section 35 Loans are part of which larger regulation? - Reg Z/Tila
MDIA ACT is part of which larger regulation? - Reg Z/Tila
Mortgage Disclosure Improvement Act is part of which larger regulation? - Reg Z/Tila
What is another name for Annual Percentage Rate? - Effective Rate
What is another name for Interest Rate? - Note Rate or Nominal Rate
PITI divided by Gross Monthly income is referred to as what? - Housing Ratio or Front-
End DTI
PITI + monthly debt divided by Gross Monthly income is referred to as what? - Total
Obligation Ration - Back-end Ratio
How long must TILA Disclosures be kept? - 2 years for general TILA disclosure 3
3 years for the Loan Estimate
5 years for the Closing disclosure
, What is the maximum amount of time that NEGATIVE info can remain on a credit
report? - 7 years
What is the maximum amount of time that a bankruptcy can remain on a credit report? -
10 years
Which law/regulations states that a Bankruptcy can only remain on your credit for a
MAX of 10 years? - FCRA - Fair Credit Reporting Act - Reg V
Which law/regulations states that negative information can only remain on your credit
for a MAX of 7 years? - FCRA - Fair Credit Reporting Act - Reg V
Which law allows a consumer who has had her credit card used by an identity thief to
place a credit freeze on her credit report? - FACT ACT
Which law requires creditors to TRUNCATE debit and credit card info on receipts? -
FACT ACT
Which regulation states that loan officers secure and dispose of borrower's sensitive
credit information? - FACT ACT
Which regulation states that if a borrower is denied credit, he can receive a FREE copy
of his credit report? - FCRA - Fair Credit Reporting Act REG V
Which regulation states that if a borrower is unemployed, he can receive a FREE copy
of his credit report? - FCRA - Fair Credit Reporting Act - Reg V
Which regulation states that if a borrower is on SSI or Disability, he can receive a FREE
copy of his credit report? - FCRA - Fair Credit Reporting Act - Reg V
Which regulation states that if a borrower has been the victim of fraud, he can receive a
FREE copy of his credit report? - FCRA - Fair Credit Reporting Act - Reg V
Which regulation states that a borrower can receive a FREE copy of his credit report
once a year? - FACT Act
During the loan process, if you ask a a borrower "Are you single . . . ." What law are you
violating? - ECOA - Regulation B
Which regulation states that the only correct way to ask about a borrower's marital
status is: are you married, unmarried or separated? - ECOA - Regulation B
Who is responsible for providing the closing disclosure to the borrower? - The
Creditor/Lender
Redlining is part of which regulation/Law? - Fair Housing Act
Blockbusting is part of which regulation/Law? - Fair Housing Act
Steering is part of which regulation/Law? - Fair Housing Act
Trying to convince a homeowner to SELL his home by implying that another
race/ethnicity is moving in the neighborhood is called? - Blockbusting/panic selling
Trying to convince a homeowner to PURCHASE in a particular neighborhood based on
his race, religion or ethnicity is called? - STEERING
Refusing to make loans on a property in a certain neighborhood for discriminatory
reasons is called? - Redlining
What does HOEPA stand for? - Home Ownership and Equity Protection Act
HOEPA Loans are part of which larger regulation? - Reg Z/Tila
High Cost Loans are part of which larger regulation? - Reg Z/Tila
High Priced Loans are part of which larger regulation? - Reg Z/Tila
Section 32 Loans are part of which larger regulation? - Reg Z/Tila
Section 35 Loans are part of which larger regulation? - Reg Z/Tila
MDIA ACT is part of which larger regulation? - Reg Z/Tila
Mortgage Disclosure Improvement Act is part of which larger regulation? - Reg Z/Tila
What is another name for Annual Percentage Rate? - Effective Rate
What is another name for Interest Rate? - Note Rate or Nominal Rate
PITI divided by Gross Monthly income is referred to as what? - Housing Ratio or Front-
End DTI
PITI + monthly debt divided by Gross Monthly income is referred to as what? - Total
Obligation Ration - Back-end Ratio
How long must TILA Disclosures be kept? - 2 years for general TILA disclosure 3
3 years for the Loan Estimate
5 years for the Closing disclosure
, What is the maximum amount of time that NEGATIVE info can remain on a credit
report? - 7 years
What is the maximum amount of time that a bankruptcy can remain on a credit report? -
10 years
Which law/regulations states that a Bankruptcy can only remain on your credit for a
MAX of 10 years? - FCRA - Fair Credit Reporting Act - Reg V
Which law/regulations states that negative information can only remain on your credit
for a MAX of 7 years? - FCRA - Fair Credit Reporting Act - Reg V
Which law allows a consumer who has had her credit card used by an identity thief to
place a credit freeze on her credit report? - FACT ACT
Which law requires creditors to TRUNCATE debit and credit card info on receipts? -
FACT ACT
Which regulation states that loan officers secure and dispose of borrower's sensitive
credit information? - FACT ACT
Which regulation states that if a borrower is denied credit, he can receive a FREE copy
of his credit report? - FCRA - Fair Credit Reporting Act REG V
Which regulation states that if a borrower is unemployed, he can receive a FREE copy
of his credit report? - FCRA - Fair Credit Reporting Act - Reg V
Which regulation states that if a borrower is on SSI or Disability, he can receive a FREE
copy of his credit report? - FCRA - Fair Credit Reporting Act - Reg V
Which regulation states that if a borrower has been the victim of fraud, he can receive a
FREE copy of his credit report? - FCRA - Fair Credit Reporting Act - Reg V
Which regulation states that a borrower can receive a FREE copy of his credit report
once a year? - FACT Act
During the loan process, if you ask a a borrower "Are you single . . . ." What law are you
violating? - ECOA - Regulation B
Which regulation states that the only correct way to ask about a borrower's marital
status is: are you married, unmarried or separated? - ECOA - Regulation B
Who is responsible for providing the closing disclosure to the borrower? - The
Creditor/Lender
