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SAFE - Big Laws Flashcards | StudBud
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SAFE - Big Laws
SAFE - Big Laws
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Use this to help review and retain the big laws. RESPA - TILA - ECOA - HOEPA - TRID
Flashcards
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Questions
20
Answers
1
HOEPA Is a subsection of what law?
Regulation B (Section 33 & 34)
Regulation Z (Section 32 & 35)
Regulation X (Section 32 & 35)
HOEPA It is not a subsection since it was formed by a Harvard Graduate
2
What law protects borrowers from excessive settlement services?
RESPA
TRID
ECOA
TILA
3
What is the purpose of the Equal Credit Opportunities Act?
Ensure that each applicant that applies for a loan recieves a loan.
Eliminates descrimination of height / weight of borrower.
Ensures that regulators be equal when extending credit.
Ensures that regulators be equal when extending applications.
4
Which law requires that borrower's recieve a copy of their appraisal?
ECOA
TILA
TRID
Regulation X
5
TILA disclosures are required when:
Credit is advertised to potential customers
Credit is offered, but before the transaction
On refinances only
Credit is promoted on a billboard
6
What law has to do with forced placed Homeowner's Insurance?
RESPA - Real Estate Settlement Protection Act
TIPA - Title Integrated Protection Act
TILA - Truth In Lending Act
HOEPA - Home Ownership Equity Protection Act
7
What is the purpose of Regulation Z?
Uniform standard for truthfully stating and disclosing credit costs
Misleading theives from targeting equity stored in the foundation
Eliminating discrimintory treatmant of credit applicants
Ensuring social security numbers are in tact after consummations
8
What law states that you must provide a 15 day service transfer notice?
Regulation X
Regulation C
Regulation B
Regulation P
9
What regulation requires the creditor to retain documents for 25 months?
Regulation Z
Regulation C
Regulation 25
Regulation B
10
According to Reg. Z, which of the following is
NOT
required for a completed loan application?
Social Security Number
Loan Amount
Marital Status
Income
11
According to Reg. X, what section relates to regulating
unearned fees
?
Section 10
Section 8
Section 6
Section 2
12
Dual compensation is prohibited under which law?
RESPA
TRID
Loan Originator Compensation Rule
HOEPA
13
What law ensures homeownership is attainable and guarantees a lender cannot over charge for a risky loan?
HELOC
Regulation C
HOEPA
Regulation X
14
What law requires creditors to state the terms or offers that are promoted by the creditor?
Regulation B
TRID - Tila Respa Integrated Disclosures
Regulation Z
Regulation X
15
What law has to do with the 9 protected classes when extending credit?
Regulation B
Regulation Z
TILA
Equal Credit Observation Act
16
TRID is an amendment of what laws?
Reg Z & B
Reg X & Reg C
RESPA & Equal Credit Opportunities Act
RESPA & Truth In Lending Act
17
TRID does not apply to:
Mobile homes not secured by real estate
30 year fixed rate mortgages
Any loans labeled Qualified Mortgage
Home equity Lines Of Credit
18
Which HOEPA protected loan has a PPP clause included?
Home Ownership and Equality Protection Act
Higher Priced Mortgage Loans
High Cost Mortgage
Higher Cost Mortgage Loan
19
According to TILA a specific business day is:
All calendar days except Saturdays & Holidays (Exception: Any day open)
All calendar days except Sundays & Holidays (Exception: Any day open)
All business days Mon-Friday except Columbus and MLK day
A day that the federal government deems (in good faith)
20
(Double Points)
What regulation prohibits the exchange of "things of value" for referals?
Regulation Z
Regulation X
Regulation Y
Regulation B
