9/4/25, 5:17 PM NMLS | Quizlet
Name: Score:
20 Multiple choice questions
Definition 1 of 20
The cost of consumer credit as a dollar amount.
Includes any charge payable directly or indirectly by the consumer and imposed directly or
indirectly by the creditor as a condition of credit.
Includes fees and and amounts charged by someone other than the creditor if the creditor:
Requires the use of a 3rd party or retains a portion of the 3rd party charge
Regulation Z defined finance charges by 3rd party conducting the closing
Regulation Z - Higher Priced Loans does not apply to loans used to finance;
Regulation Z defined finance charges
HUD -1 Uniform Settlement Statement
Definition 2 of 20
* Refusing to make a mortgage loan
* Refusing to provide information regarding loans
*Imposing different terms or conditions on a loan
*Discriminating in the appraisal of property
*Refusing to purchase a loan
* Blockbusting - try to induce owners to sell by saying the ethnic or racial composition is
changing
* Steering - Channeling consumers to a particular neighborhood based on race, religion, or
ethnicity
Fair Housing Act Prohibited Practices
HMDA (C) Home Mortgage Disclosure Act -Regulation C - does not apply to:
HPA Homeowners Protection Act
Home Ownership and Equity Protection Act HOEPA Reg. Z Section 32 loan triggers
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, 9/4/25, 5:17 PM NMLS | Quizlet
Definition 3 of 20
Rate: if more than one rate will apply then the ad must include the following information:
* Each simple annual rate of interest that will apply; if a variable rate, a reasonably current index
and margin
* The period of time during which each simple annual rate of interest will apply
* The APR for the loan
Payment Amount: If the Ad states the amount of any payment, it must also include this information:
* The amount of each payment, including balloon payments and if variable rate, current index and
margin
* the period of time during which each payment will apply
Reg (B) ECOA Equal Credit Opportunity Act required disclosures
MLO Comp can be based on these triggers
Typical Predatory Lending Practices
TILA Advertising Rules for Closed-End Credit
Definition 4 of 20
Administered by the Board of Governors of the Federal Reserve System. Implemented by
Regulation Z, from Title 1 of the Consumer Credit Protection Act
TILA (Z) Truth in Lending Act
FDCPA (C) Fair Debt Collection Practices Act
ECOA (B) Equal Credit Opportunity Act
FCRA (A) Fair Credit Reporting Act
https://quizlet.com/13267691/test?funnelUUID=4fdbaaa5-0051-49f9-9977-251d3dbc7516 2/12
Name: Score:
20 Multiple choice questions
Definition 1 of 20
The cost of consumer credit as a dollar amount.
Includes any charge payable directly or indirectly by the consumer and imposed directly or
indirectly by the creditor as a condition of credit.
Includes fees and and amounts charged by someone other than the creditor if the creditor:
Requires the use of a 3rd party or retains a portion of the 3rd party charge
Regulation Z defined finance charges by 3rd party conducting the closing
Regulation Z - Higher Priced Loans does not apply to loans used to finance;
Regulation Z defined finance charges
HUD -1 Uniform Settlement Statement
Definition 2 of 20
* Refusing to make a mortgage loan
* Refusing to provide information regarding loans
*Imposing different terms or conditions on a loan
*Discriminating in the appraisal of property
*Refusing to purchase a loan
* Blockbusting - try to induce owners to sell by saying the ethnic or racial composition is
changing
* Steering - Channeling consumers to a particular neighborhood based on race, religion, or
ethnicity
Fair Housing Act Prohibited Practices
HMDA (C) Home Mortgage Disclosure Act -Regulation C - does not apply to:
HPA Homeowners Protection Act
Home Ownership and Equity Protection Act HOEPA Reg. Z Section 32 loan triggers
https://quizlet.com/13267691/test?funnelUUID=4fdbaaa5-0051-49f9-9977-251d3dbc7516 1/12
, 9/4/25, 5:17 PM NMLS | Quizlet
Definition 3 of 20
Rate: if more than one rate will apply then the ad must include the following information:
* Each simple annual rate of interest that will apply; if a variable rate, a reasonably current index
and margin
* The period of time during which each simple annual rate of interest will apply
* The APR for the loan
Payment Amount: If the Ad states the amount of any payment, it must also include this information:
* The amount of each payment, including balloon payments and if variable rate, current index and
margin
* the period of time during which each payment will apply
Reg (B) ECOA Equal Credit Opportunity Act required disclosures
MLO Comp can be based on these triggers
Typical Predatory Lending Practices
TILA Advertising Rules for Closed-End Credit
Definition 4 of 20
Administered by the Board of Governors of the Federal Reserve System. Implemented by
Regulation Z, from Title 1 of the Consumer Credit Protection Act
TILA (Z) Truth in Lending Act
FDCPA (C) Fair Debt Collection Practices Act
ECOA (B) Equal Credit Opportunity Act
FCRA (A) Fair Credit Reporting Act
https://quizlet.com/13267691/test?funnelUUID=4fdbaaa5-0051-49f9-9977-251d3dbc7516 2/12
