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SAFE > CHAPTER 7: REVIEW OF FEDERAL LAW - QUICK FACTS BROKEN DOWN > Flashcards

CHAPTER 7: REVIEW OF FEDERAL LAW - QUICK FACTS BROKEN DOWN Flashcards

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1
Q

RESPA -Real Estate Settlement Procedures Act

Regulation:

A

Regulation X

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2
Q

Real Estate Settlement Procedures Act

Acronym:

A

RESPA

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3
Q

RESPA -Real Estate Settlement Procedures Act

Year Created:

A

1974

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4
Q

RESPA -Real Estate Settlement Procedures Act

Main Purpose:

A

Educate borrowers on the cost of their loans

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5
Q

RESPA -Real Estate Settlement Procedures Act

Disclosures/Notice Required:

A

Escrow notices, notice of transfer of loan servicing, ABA

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6
Q

RESPA -Real Estate Settlement Procedures Act

Important Terms Related to this Law:

A

Kickbacks, referral fees, escrow requirements, transfer of

servicing

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7
Q

RESPA -Real Estate Settlement Procedures Act

Entity Responsible for Enforcement:

A

CFPB

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8
Q

TILA -Truth in Lending Act

Regulation:

A

Regulation Z (think TILA-ZILA)

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9
Q

Truth in Lending Act

Acronym:

A

TILA

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10
Q

TILA -Truth in Lending Act

Year Created:

A

1968

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11
Q

TILA -Truth in Lending Act

Main Purpose:

A

Protect consumers from predatory lending practices

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12
Q

TILA -Truth in Lending Act

Disclosures/Notice Required:

A

HOEPA notice, homeownership counseling notice,

TRID

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13
Q

TILA -Truth in Lending Act

Important Terms Related to this Law:

A

High-cost loans, ability to repay, higher-priced loans,

qualified mortgage, advertising, right of rescission

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14
Q

TILA -Truth in Lending Act

Entity Responsible for Enforcement:

A

CFPB

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15
Q

TILA -Truth in Lending Act

Other Laws that have influenced it:

A

Dodd-Frank

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16
Q

TRID -The TILA-RESPA Integrated DisclosureRule

Regulation:

A

N/A

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17
Q

The TILA-RESPA Integrated DisclosureRule

Acronym:

A

TRID

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18
Q

TRID -The TILA-RESPA Integrated DisclosureRule

Year Created:

A

2015

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19
Q

TRID -The TILA-RESPA Integrated DisclosureRule

Main Purpose:

A

Simplify the disclosure process

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20
Q

TRID -The TILA-RESPA Integrated DisclosureRule

Disclosures/Notice Required:

A

Loan Estimate, Closing Disclosure

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21
Q

TRID -The TILA-RESPA Integrated DisclosureRule

Important Terms Related to this Law:

A

Changed circumstance, tolerances,

summation, application

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22
Q

TRID -The TILA-RESPA Integrated DisclosureRule

Entity Responsible for Enforcement:

A

CFPB

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23
Q

TRID -The TILA-RESPA Integrated DisclosureRule

Other Laws that have influenced it:

A

RESPA, TILA

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24
Q

ECOA -The Equal Credit Opportunity Act

Regulation

A

Regulation B (EBOA)

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25
The Equal Credit Opportunity Act Acronym:
ECOA
26
ECOA -The Equal Credit Opportunity Act Year Created:
1974
27
ECOA -The Equal Credit Opportunity Act Main Purpose:
To prevent discrimination on specified protected classes
28
ECOA -The Equal Credit Opportunity Act Disclosures/Notice Required:
Notice of Adverse Action, Appraisal Notice, ECOA Notice
29
ECOA -The Equal Credit Opportunity Act Important Terms Related to this Law:
Protected class, adverse action; appraisal, disparate impact, disparate treatment
30
ECOA -The Equal Credit Opportunity Act Entity Responsible for Enforcement:
The CFPB
31
ECOA -The Equal Credit Opportunity Act Other Laws that are complimentary:
The Home Mortgage Disclosure Act; Fair Housing Act
32
HMDA - The Home Mortgage Disclosure Act Regulation:
``` Regulation C (A good way to remember HMDA and it’s regulation is HMDAC) ```
33
The Home Mortgage Disclosure Act Acronym:
HMDA
34
HMDA - The Home Mortgage Disclosure Act Year Created:
1975
35
HMDA - The Home Mortgage Disclosure Act Main Purpose:
Used to track information to prevent discrimination
36
HMDA - The Home Mortgage Disclosure Act Disclosures/Notice Required:
Monitoring statement on the 1003
37
HMDA - The Home Mortgage Disclosure Act Important Terms Related to this Law:
Redlining, blockbusting, disparate impact, disparate treatment
38
HMDA - The Home Mortgage Disclosure Act Entity Responsible for Enforcement:
The CFPB
39
HMDA - The Home Mortgage Disclosure Act Other Laws that are Complimentary:
ECOA; Fair Housing Act
40
FCRA - Fair Credit Reporting Act Regulation:
Regulation V
41
Fair Credit Reporting Act Acronym:
FCRA
42
FCRA - Fair Credit Reporting Act Year Created:
1970
43
FCRA - Fair Credit Reporting Act Main Purpose:
Restricts use of credit reports and requires accuracy on credit repor
44
FCRA - Fair Credit Reporting Act Other Laws that are Complimentary:
FACTA
45
FACTA - Fair and Accurate Credit Transaction Act Year Created:
2003
46
FACTA - Fair and Accurate Credit Transaction Act Main Purpose:
Improves consumer access to credit information; Provides avenues for the resolution of consumer disputes; Helps to prevent and detect identity thef
47
FACTA - Fair and Accurate Credit Transaction Act Disclosures/Notice Required:
Notice to Home Loan Applicant
48
FACTA - Fair and Accurate Credit Transaction Act Important Terms Related to this Law:
Identity theft, consumer disputes
49
FACTA - Fair and Accurate Credit Transaction Act Entity Responsible for Enforcement:
CFPB
50
FACTA - Fair and Accurate Credit Transaction Act Other Laws that are Complimentary:
FACTA
51
Telemarketing Rules & Do Not Call Regulation:
N/A
52
Telemarketing Rules & Do Not Call Year Created:
2003
53
Telemarketing Rules & Do Not Call Main Purpose:
To implement and enforce the Do-Not-CallRegistry
54
Bank Secrecy Act / Anti-Money Laundering (BSA/AML) Regulation:
N/A
55
Bank Secrecy Act / Anti-Money Laundering Acronym or Nickname:
BSA/AML
56
Bank Secrecy Act / Anti-Money Laundering (BSA/AML) Year Created:
1970
57
Bank Secrecy Act / Anti-Money Laundering (BSA/AML) Main Purpose:
To prevent money laundering
58
Bank Secrecy Act / Anti-Money Laundering (BSA/AML) Disclosures/Notice Required:
N/A but yearly education required
59
Bank Secrecy Act / Anti-Money Laundering (BSA/AML) Important Terms Related to this Law:
Money laundering, suspicious activity report
60
Bank Secrecy Act / Anti-Money Laundering (BSA/AML) Entity Responsible for Enforcement:
FinCEN
61
Gramm-Leach-Bliley Act or Financial Modernization Act Regulation:
N/A
62
Gramm-Leach-Bliley Act or Financial Modernization Act Acronym:
GLBA
63
Gramm-Leach-Bliley Act or Financial Modernization Act Year Created:
1999
64
Gramm-Leach-Bliley Act or Financial Modernization Act Main Purpose:
Protectconfidentialityof non-public personal information
65
Gramm-Leach-Bliley Act or Financial Modernization Act Disclosures/Notice Required
Privacy Notice
66
Gramm-Leach-Bliley Act or Financial Modernization Act Important Terms Related to this Law:
Non-public personal information, pretexting
67
The MAP Rule - Mortgage Acts and Practices Regulation:
Regulation N
68
Mortgage Acts and Practices Acronym:
The MAP Rule
69
The MAP Rule - Mortgage Acts and Practices Year Created:
2011
70
The MAP Rule - Mortgage Acts and Practices Main Purpose:
Regulate Advertising
71
The MAP Rule - Mortgage Acts and Practices Disclosures/Notice Required:
N/A
72
The MAP Rule - Mortgage Acts and Practices Important Terms Related to this Law:
Commercial communication, | product, mortgage credit term
73
The MAP Rule - Mortgage Acts and Practices Entity Responsible for Enforcement:
The Federal Trade Commission
74
The MAP Rule - Mortgage Acts and Practices Other Laws that are complementary:
TILA
75
The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism” Act Regulation:
N/A
76
The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism” Act Acronym or Nickname
USA Patriot Act
77
The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism” Act Year Created
2001
78
The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism” Act Main Purpose:
Requires identification to be provided for mortgage loans with the purpose of identifying terrorists
79
The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism” Act Important Terms Related to this Law:
Terrorism, terrorist, money laundering, financial crimes
80
The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism” Act Entity Responsible for Enforcement:
Financial Crimes Enforcement Network (FinCEN) under the | United States Department of the Treasury
81
The Electronic Signatures in Global and National Commerce Act Regulation:
N/A
82
The Electronic Signatures in Global and National Commerce Act Acronym or Nickname:
E-Sign Act
83
The Electronic Signatures in Global and National Commerce Act Year Created:
2000
84
The Electronic Signatures in Global and National Commerce Act Main Purpose:
Allows for electronic signatures on mortgage loan | documents
85
The Electronic Signatures in Global and National Commerce Act Disclosures/Notice Required:
Prior Consent, Notice of Availability of Paper Records
86
The Electronic Signatures in Global and National Commerce Act Important Terms Related to this Law:
e-signatures
87
Homeowners Protection Act | Regulation:
N/A
88
Homeowners Protection Act Acronym:
HPA
89
Homeowners Protection Act Year Created:
1998
90
Homeowners Protection Act Main Purpose:
Regulates private mortgage insurance
91
Homeowners Protection Act Important Terms Related to this Law:
Private mortgage insurance (PMI) and Loan to Value (LTV)

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