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Flashcards in Coverage Deck (10):
1

What does Reg Z cover?

Consumer credit

2

Reg Z: Who is the borrower?

Individuals, natural persons

3

Reg Z: What is the loan's primary purpose?

Consumer (personal, family or household) purpose

4

Reg Z: What is threshold for coverage?

$54,600
- Loans less than the threshold that are not secured by real estate or secondary educational purpose are covered.
- Loans of more than the threshold are not covered.

5

What does ATR apply to?

Consumer purpose, closed-end loans secured by a dwelling.

6

What does ATR not apply to?

Temporary (construction) loans with terms of less than 2 years are exempt

7

What is an HPML?

Closed end loan secured by a consumer's principal dwelling

8

What loans are excluded from HPML rules?

Bridge loans and construction only loans.

9

What is a HOEPA loan?

Consumer purpose loans secured by a consumer's principal dwelling

10

What is a HELOC?

Open-end credit line of credit secured by a consumer's dwelling.