Comprehensive Study Guide on
Federal
Mortgage-Related Laws
Table of Contents
Introduction
Real Estate Settlement Procedures Act (RESPA)
Origins and Purpose
Applicable Loan Types
Prohibitions, Limitations, & Exemptions
Settlement Services
Required Borrower Information on Application
Foreclosure Process
Initial Escrow Statements
Equal Credit Opportunity Act (ECOA)
Factors that Cannot Be Used to Discriminate
Circumstances Where Loan Can Be Denied
Regulation B
Notifying Borrower of Action Taken
Required Disclosures When Application is Denied
Adverse Actions
Other Application Information
Truth in Lending Act (TILA)
Purpose of TILA
Loans Covered Under TILA
1.
, lOMoARcPSD|64492663
Definitions and Key Terms
Notice of Right to Rescind
High-Cost and Higher-Priced Mortgage Loans
MLO Compensation
TILA-RESPA Integrated Disclosure Rule (TRID)
Purpose of TRID
Loans Covered Under TRID
Loan Estimates
Other Federal Laws and Guidelines
Home Mortgage Disclosure Act (HMDA)
Fair Credit Reporting Act (FCRA)/Fair and Accurate Credit
Transactions Act (FACTA)
Federal Trade Commission Red Flag Rules
Bank Secrecy Act/Anti-Money Laundering (BSA/AML)
Gramm-Leach-Bliley Act (GLBA)
Introduction
This guide provides a comprehensive overview of the key federal
mortgage-related laws, their origins, purpose, applicable loan types,
prohibitions, and key definitions. It's designed to assist individuals
preparing for the Mortgage Loan Originator (MLO) licensing exam
and anyone interested in understanding federal mortgage
regulations better.
Federal
Mortgage-Related Laws
Table of Contents
Introduction
Real Estate Settlement Procedures Act (RESPA)
Origins and Purpose
Applicable Loan Types
Prohibitions, Limitations, & Exemptions
Settlement Services
Required Borrower Information on Application
Foreclosure Process
Initial Escrow Statements
Equal Credit Opportunity Act (ECOA)
Factors that Cannot Be Used to Discriminate
Circumstances Where Loan Can Be Denied
Regulation B
Notifying Borrower of Action Taken
Required Disclosures When Application is Denied
Adverse Actions
Other Application Information
Truth in Lending Act (TILA)
Purpose of TILA
Loans Covered Under TILA
1.
, lOMoARcPSD|64492663
Definitions and Key Terms
Notice of Right to Rescind
High-Cost and Higher-Priced Mortgage Loans
MLO Compensation
TILA-RESPA Integrated Disclosure Rule (TRID)
Purpose of TRID
Loans Covered Under TRID
Loan Estimates
Other Federal Laws and Guidelines
Home Mortgage Disclosure Act (HMDA)
Fair Credit Reporting Act (FCRA)/Fair and Accurate Credit
Transactions Act (FACTA)
Federal Trade Commission Red Flag Rules
Bank Secrecy Act/Anti-Money Laundering (BSA/AML)
Gramm-Leach-Bliley Act (GLBA)
Introduction
This guide provides a comprehensive overview of the key federal
mortgage-related laws, their origins, purpose, applicable loan types,
prohibitions, and key definitions. It's designed to assist individuals
preparing for the Mortgage Loan Originator (MLO) licensing exam
and anyone interested in understanding federal mortgage
regulations better.
