NMLS - Federal Mortgage Related Laws

Who prepares the closing disclosure?

Within how many days of receiving a signed loan application must APR disclosure occur?

What are the three national credit reporting agencies?

Fees that the lender chooses on the GFE and HUD-1 and/or the LE and CD cant vary more than ___%

Illegal referral fees are known as ___

Who should consumers contact if they have questions about their credit scores?

RESPA is implemented as Regulation ___

Borrowers are entitled to a free credit report within ___ days if lender takes adverse action.

What is sent to the borrower yearly that summarizes the activity in the escrow account?

What are the three general areas Regulation Z covers?

High-cost loan charges the borrower more than___% of the total loan amt. for points and fees.

FCRA mostly regulates the actions of the ___that compile information received from creditors..

What does the right of rescission period NOT apply to?

The LE must be delivered or mailed no later than__ business days after taking an application

The borrower must receive the Closing Disclosure ___ business days before loan consummation

How many years must copies of commercial communications and supporting documents be kept?

ECOA states a borrower is entitled to a copy of the URAR at least__business days before closing

What does the TIL disclosure include?

Which act provides consumer protection for loans on residential properties (1-4 units)?

Effective 2015 & modified disclosure reqrmts 4 most closed-end loans, not for rev. mortgages

Regulation Z only applies to ___ mortgages

ECOA is implemented as Regulation ___

Because of ECOA, lenders can only ask if the person if they are ___, ___, or ___.

A lender has __ days to provide after an applicant's request for an adverse action statement.

If consumer makes an inquiry or submits an application to a company, they can call for __months

The HUD-1 Settlement Statement itemizes the ___ and ___ to the borrower

Violators of the telemarketing rules may be subject to fines of up to $___ per violation.

The Red Flags program must be managed by the __ or ___ employees

3 business day cooling-off period when a primary residence has occurred a refinance?

Gramm-Leach-Bliley Act require companies to give consumers ___ on information-sharing practices

What may be required if a prospective purchase is a "flipped" home with higher-priced mortgage?

If the APR is quoted incorrectly by more than ___% for an ARM, it must be re-disclosed by close

Who enforces the Fair Credit Reporting Act?

Who enforces RESPA?

The lender may require a cushion in an amount = to ___ of the total disbursements for the year.

The GLB Act requires all financial institutions to maintain ___ to protect customer information

Who enforces TILA?

Which rule applies to negotiators assisting borrowers with mortgage loan modifications?

How long from receipt of a signed 1003 must the pre-settlement disclosures be sent to customer?

If cash purchases exceed $___ in one day, BSA & AML require a Currency Transaction Report.

According to TILA, what must be disclosed if any triggering term is specified?

HMDA is implemented by the Federal Reserve Board's Regulation ___

Who should consumers contact if they have questions about their application?

The APR must be finalized at least ___ days before closing.

What is the range of possible FICO scores?

Lenders require property tax & HOI escrow account to be maintained for a minimum of ___ years

Which act requires lenders to cancel the PMI when LTV reaches 78% of original purchase price?

What disclosure gives the name, address, and phone number of the consumer reporting company?

How long can bankruptcies be kept in the credit report?

The National Do-Not-Call Registry does not limit calls by ___, ___, and ___.

What type of mtg. follows stated guidelines intended to reduce a lender's potential liability?

Who established the Do-Not-Call Registry?

When does force-placed insurance occur?

If escrow account closed for any reason, notice must be sent___business days prior to closure

TILA was implemented by the Federal Reserve Board as Regulation ___

Which act was passed by Congress in 1968 as part of the Consumer Credit Protection Act?

The LE must be delivered or mailed no later than ___ business days prior to loan consummation.

1970 act that protects individual's privacy rights & ensure accurate and fair credit reporting?

Which act protects consumers' personal financial information held by financial institutions?

How long before closing must the HUD-1 be made available to the borrower?