Chapter 3 TILA

If a lender fails to provide material disclosures and the proper Notices of Right to Rescind, the transaction:

APR is the _____ rate charged for borrowing and is expressed as a percentage.

Lenders are required to deliver _ copy of the Truth in Lending Disclosure Statement to each customer entitled to rescind

Points and fees include all items in the finance charge.

LOs are prohibited from “steering” consumers to loans based on the fact that the LO will receive greater compensation.

Early TILA disclosures must be delivered or mailed no later than __ days after written application receipt.

All of the following features are banned from high-cost loans except:

Employees who work for a covered depository institution:

Rescission Business Days are:

The consumer may exercise the right to rescind until midnight of the ___ business day.

The APR for an irregular transaction is considered accurate if it varies in either direction by:

If the _______ offered increases after consummation, the advertisement must state that fact.

Anyone who willingly and knowingly fails to comply with any requirement of the TILA will be fined no more than:

TILA (Reg Z) ensure that credit terms are disclosed in a meaningful way so consumers can compare ___ ___ more readily.

A final disclosure statement is provided at the time of the loan _____.

Within _ calendar days after receipt of a notice of rescission, the lender is required to return money or property.

CHARM stands for:

The APR for a regular transaction is considered accurate if it varies in either direction by:

What fee are lenders not prohibited from charging, even before the consumer receives required disclosures?

Prior to the passage of "the Act", an advertiser might have disclosed only ____, thus distorting the true cost.

TILA is Reg:

HOEPA stands for:

An irregular transaction is one that includes one or more of the following features except for:

Reg Z requires a creditor to maintain records sufficient to evidence all compensation it pays to loan originators for:

Regulation Z does not apply to payments received by a creditor when selling the loan to a secondary market investor.

Whenever a mortgage loan originator discusses an ARM product, Regulation Z requires they provide the borrower a ___.

Early disclosures required by Reg Z are generally referred to as the “___ ___".

APR generally includes which of the following prepaid finance charges:

In a credit transaction, each consumer has the ____ ___.

___ ____ ___ are certain charges made in connection with the loan and must be paid upon the close of the loan.

A ____ ____ ____, refers only to the interest charged on a loan, and it does not take any other expenses into account.

Lenders are required to deliver ___ copies of the Notice of the Right to Rescind to each consumer.

APR generally includes which of the following prepaid finance charges:

In general, the more specific the statement, the more likely it is to trigger ___ ____.

Early TILA disclosures must be delivered to the applicant no less than _ business days(rescission) prior to consummation

Reg Z is used to identify:

QM include Safe Harbor and rebuttable presumption loans.

As defined under 12 CFR §1026.2(a)(17)(v), a creditor is a person who regularly extends ___ ____.

Reg Z applies to any creditor that offers credit, when four conditions are met. Which of the following is not included.

VOI stands for Verification of Information

The simple interest rate may ____ be displayed in lieu of the annual percentage rate

The creditor must inform a consumer that they are not required to complete the transaction because the consumer has

__ is considered a business day for rescission purposes, regardless of whether the MLO’s office is open.

TILA disclosures must contain all of the following except:

If the _____ becomes inaccurate, the creditor must provide the consumer with corrected disclosures.

Which of the following transactions are exempt from TILA:

Triggering terms for advertising according to "the Act" include:

A business day is defined two ways under Regulation Z, they are:

When selecting ARM loans, your interest rate is determined by:

Right to rescind applies to a credit transaction in which a security interest is attained or required in a:

Creditors must have reasonable and good faith determination at or before consummation, stating:

Reg Z requires mortgage loan originators to make certain “___ _____” on loans subject to RESPA.