Federal Mortgage-Related Laws question well solved 2023

Federal Mortgage-Related Laws question well solved 2023The Equal Credit Opportunity Act requires lenders to inform applicants of the status of their loan within - correct answer 30 days of application. TILA-required disclosures - correct answer CHARM Booklet Right to Rescind Loan Estimate If a borrower waives the right to receive a copy of an appraisal: - correct answer . A copy of each appraisal or other written valuation must be provided the earlier of promptly upon completion or three business days prior to consummation of the transaction for closed-end credit or account opening for open-end credit. An applicant may waive the timing requirement and agree to receive a copy at or before consummation or account opening. Disclosures for high-risk loans required by the Homeowners Protection Act inform the borrower that: - correct answer termination of PMI is automatic at the midpoint of the amortization schedule as long as a borrower is current on his/her payments. What is the primary purpose of the Home Mortgage Disclosure Act? HMDA Reg c - correct answer Through the collection of information about loan applications and settlements, HMDA attempts to identify if companies are using discriminatory lending practices and to determine if they are meeting the mortgage lending needs of their communities. What federal legislation requires loan originators to collect demographic data to ensure that creditors are not engaging in discriminatory lending? - correct answer HMDA= The Home Mortgage Disclosure Act is a reporting law that helps the federal government, among other things, identify discriminatory lending practices. Under TILA's rules in regard to higher-priced loans, a creditor or servicer may cancel an escrow account only upon the earlier of termination of the underlying debt obligation or _____ years after the loan was consummated, at the request of the consumer. - correct answer Five