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Definitions > Facts > Flashcards

Facts Flashcards

1
Q

How often is an Escrow Analysis performed?

A

Annually and notify borrowers of any shortage

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2
Q

May not report negative credit information in a credit report that is more than how many years old

A

7 Years old

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3
Q

What federal law does the ATR fall under?

A

HOEPA - TILA

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4
Q

SAR and CD are kept for?

A

5 Years

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5
Q

LAR, LE, AND LOC are kept for?

A

3 Years

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6
Q

ECOA is kept for?

A

25 months

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7
Q

The 1003 is what?

A

URLA - Uniform Residential Loan Application

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8
Q

The 1004 is what?

A

URAR - Uniform Residential Appraisal Report

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9
Q

The 1005 is what?

A

VOE - Verification of Employement

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10
Q

The 1006 is what?

A

VOD - Verification of Deposit

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11
Q

The 1008 is what?

A

Transmittal Summary

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12
Q

High Flood Zone is?

A

A and V

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13
Q

GLB penalty:

A

5 years + fine

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14
Q

Unauthorized Fax penalty:

A

$500

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15
Q

RESPA penalty:

A

$10k a/o 1 year

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16
Q

ECOA penalty:

A

$10k

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17
Q

TILA penalty:

A

$5k single
$25k reckless
$1,000,000 knowingly

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18
Q

SAFE Act penalty:

A

$30,058

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19
Q

DNC penalty:

A

$43,058 per call

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20
Q

FACTA penalty:

A

$5k a/o 1 year

21
Q

2 organizations that are responsible for creating and implementing the NMLS:

A

CSBS - Conference of state bank supervisors AND AARMR - American Association of Residential Mortgage Regulators

22
Q

What laws are regulated by the CFPB?

A

CFPB NO HVXZ

C-HMDA
F-Fair Debt Collection
P-Privacy of Consumer Financial Information
B-ECOA

N-MAP
O-MARS

H-SAFE
V-FCRA
X-RESPA
Z-TILA

23
Q

A refund escrow is due in?

A

20 days

24
Q

MDIA is under what law?

A

TILA

25
Q

APR is also known as?

A

Effective Rate, Note Rate, Nominal Rate

26
Q

When ad is “triggered” is must have:

A

D. A. R

  • Amount or percentage of DOWN payment
  • APR
  • Terms of REPAYMENT
27
Q

Qualified Mortgage is under what law?

A

TILA

28
Q

ATR is under what law?

A

TILA

29
Q

The loan estimate is good for?

A

10 days

30
Q

Notify borrower within ___ days of completed application:

A

30 days

31
Q

Written complaints may be filed with HUD office within ______ of violation:

A

1 Year

32
Q

HMDA - Encourage financial institutions to meet the _________ needs of the community in which they operate.

A

Housing

33
Q

LAR reports are due on ______ each year

A

March 1

34
Q

FCRA is enforced by:

A

Federal Trade Commission

35
Q

FCRA has 5 rights. What are they?

A 
Adverse Action
Credit Report
Credit Score
Negative/Inaccurate information
limit prescreened offers
36
Q

The minimum timeframe that a consumer reporting agency must include a fraud alert in a consumers file is _____

A

1 year

37
Q

FACTA has 3 rights. What are they?

A

Credit Freeze
Truncation of card #’s
Security and Disposal

38
Q

FACTA credit score range:

A

300-850

39
Q

GLBA - SPF

A

Safeguarding
Pretexting
Financial Privacy

40
Q

GLBA is also known as:

A

Financial Modernization Act

41
Q

DNC Registry is enforced by:

A

FTC and FCC

42
Q

DNC is updated every ____ and documents must be maintained for ______.

A

31 days

24 months

43
Q

____ Months after the consumers last purchse

A

18 months

44
Q

_____ Months after a consumer makes an inquiry

A

3 Months

45
Q

A document that conveys ownership of real property from the grantor to the grantee is known as

A

Deed

46
Q

At closing, who issues a clear to close?

A

Lender

47
Q

For a loan that has escrow included, RESPA requires a lender to perform an escrow analysis

A

Annually

48
Q

Total debt to income ratio is the relationship between the borrower’s

A

total monthly debt obligation and gross monthly income

49
Q

Which is a purpose for the mortgage servicing disclosure statement?

A

to inform the consumer the likelihood that the servicing of the mortgage will be sold

Definitions (4 decks)

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