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TILA-RESPA Integrated Disclosure Flashcards | StudBud
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TILA-RESPA Integrated Disclosure
TILA-RESPA Integrated Disclosure
23 terms
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StudBud Administration
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You will be quizzed on the purpose, structure, and different sections of these disclosures.
Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
On Pg. 2 of the LE and CD, the client CANNOT shop for the following charges, except for?
Pest Inspection fee
Credit Report fee
Flood Monitoring fee
Tax Status Research fee
2
The following information is located on which Disclosure?
Closing Disclosure
Loan Estimate
Neither
Both
3
The Closing Disclosure must be provided to the borrower at least 3 business days prior to?
Funding
Consummation
Recording
Closing
4
Based on the Value and Interest Rate information, what type of mortgage transaction is this?
Purchase Fixed Rate
Purchase ARM
Refinance Fixed Rate
Refinance ARM
5
The purpose of the Loan Estimate is to help the consumer understand what type of information?
Key features, costs and risks of the mortgage loan
Finalized cost of the mortgage transaction
Tangible Net Benefit
Key features, costs and risks for a reverse mortgage
6
The Loan Estimate consolidates which two disclosures?
GFE and HUD-1
HUD-1 and Final TIL
GFE and Initial TIL
HUD-1 and Initial TIL
7
On the Loan Estimate, what is the purpose of the first section on Page 3?
Client to confirm intent to proceed with the mortgage loan
Calculating Cash to Close
Heads up to the client on some other features of the loan
Shopping tool the client can use for other comparable loans
8
The Loan Estimate and Closing Disclosure fall under which law?
TILA
ECOA
HMDA
RESPA
9
What type of Loan Estimate must be kept for 3 years for record retention?
Higher Priced Loan Estimate
Refi Loan Estimate
Revised Loan Estimate
High Cost Loan Estimate
10
The Closing Disclosure combines the information previously available on which disclosures?
GFE and HUD-1
HUD-1 and Final TIL
HUD-1 and Initial TIL
GFE and Final TIL
11
Closing Cost Details starts on what page of both Disclosures?
Page 4
Page 2
Page 1
Page 3
12
On the Closing Disclosure, Summaries of Transactions is located on what page?
Page 3
Page 4
Page 2
Page 5
13
Since the Estimated Property Value was used on the LE, what type of loan transaction is this?
Purchase
Refinance with an Appraisal
Refinance without an Appraisal
Purchase without an Appraisal
14
All of the following sections are located on Page 1 of the Closing Disclosure, except?
Loan Disclosures
Loan Terms
Costs at Closing
Projected Payments
15
The Loan Estimate must be provided to consumers no later than 3 business days of what?
URAR
Completed Application
1004
URLA
16
The Closing Disclosure must be kept for how long after consummation?
3 years
7 years
5 years
2 years
17
On the disclosures, the Total Interest Percentage section is based on what?
The total interest you would pay annually
The total interest you would pay ONLY for a fixed rate loan
The total interest you would pay over the full mortgage term
The total interest you would pay ONLY on an ARM loan
18
What is the tolerance for change from the LE to CD regarding Section A of the Loan Costs?
Up to 15% tolerance change
Zero tolerance
Up to 10% tolerance change
Can change by any amount
19
The Loan Estimate is good for how many days after it was provided to the consumer?
10 business days
7 business days
3 business days
14 business days
20
Signature on the Loan Estimate from the consumer identifies what information?
Confirmation of receiving the Loan Estimate
Consumer's Intent to Proceed with the mortgage transaction
Securing rates and costs associated with the loan
Finalized closing costs
21
What is another term for Lender Credits?
Seller's Concessions
Closing Costs
Origination Fee
Lender Rebates
22
The TILA-RESPA Integrated Disclosure Rule are required disclosures for what type of loans?
closed-end forward mortgages secured by real property
open-end reverse mortgages secured by real property
open-end forward mortgages secured by real property
closed-end reverse mortgages secured by real property
23
The following information will be provided on the LE and CD for what type of mortgage loan?
ARM
Fixed-rate
Reverse mortgage
Refinance
