2.3

Question 0

True or False:

The Truth-in-Lending Act (TILA) does not regulate the mortgage industry.

Answer 0

False

Question 1

______ is a federal act that regulates the mortgage industry.

Answer 1

RESPA

Question 2

_______ is the federal agency that enforces RESPA.

Answer 2

CFPB

Question 3

The GFE shows a ______ a certain loan and title fees in order to help borrowers comparison shop.

Answer 3

bundling

Question 4

The GFE is designed to encourage borrowers (buyers) to accurately compare _______ and title services.

Answer 4

loan

Question 5

Violations of the RESPA Section 8 anti-kickback, referral fees, and unearned fees provisions are subject to ______ and civil penalties.

Answer 5

criminal

Question 6

The GFE is designed to encourage borrowers (buyers) to accurately compare loan and ______ services.

Answer 6

title

Question 7

Any fee must specify what services it covers, otherwise it could be considered ______ under RESPA rules.

Answer 7

unearned

Question 8

Individuals have _______ year(s) to bring a private law suit to enforce violations of RESPA Section 8 or 9.

Answer 8

one

Question 9

The Federal Truth in Lending Act (TILA) is designed to protect consumers in _______ transactions by requiring clear disclosure of key terms of the lending arrangement, and disclosure of all costs.

Answer 9

credit

Question 10

According to TILA, the term “credit sale” means a sale in which the seller is the ______.

Answer 10

creditor

Question 11

Disclosure of the _______ charge is the amount charged to the consumer for the credit.

Answer 11

finance

Question 12

According to TILA, the term “Total _____” includes the total amount of the periodic payments made by the borrower/buyer.

Answer 12

Payments

Question 13

According to TILA, the term “______: is the total cost of the purchase on credit, including the down payment and periodic payments.

Answer 13

Total Sales Price