Flashcards in N8 Federal Regulations & Fair Housing Deck (41)
The federal agency that administers and enforces many laws relating to financing.
Consumer Financial Protection Bureau, abbreviated CFPB
The federal law that requires lenders to disclose all the terms of obtaining a consumer loan is known as ____ and it's abbreviation is ____ AKA ____
Truth In Lending Act, TILA, Regulation Z
The Truth in Lending Act requires disclosure of the interest rate and financing costs in the form of an _________, abbreviated as ___.
Annual Percentage Rate, APR
If _____ terms are used in advertising a loan, full disclosure of all terms must be made.
Advertising the _____ AKA ___ is not considered to be a trigger term.
APR, Annual Percentage Rate
On what type of loan does a borrower have a 3 day right to rescind?
Refinance of a Personal Residence
The federal law that requires disclosure of closing costs on a real estate loan.
RESPA or Real Estate Settlement & Procedures Act
Under RESPA, a Loan Estimate must be given to the borrower within _______.
3 business days of loan application
RESPA requires that a borrower be given a publication that explains ___________.
Under RESPA, a borrower must be given a final accounting of the transaction through the document known as CFPB’s ________________, formerly known as the __________________.
Closing Disclosure, HUD 1 Statement
A borrower has the right to inspect the Closing Disclosure at least ______ prior to closing.
RESPA applies to 1-4 family properties financed with a _____ related loan.
The Real Estate Settlement & Procedures Act or RESPA does not apply to __________ loans.
Seller Carry-Back AKA Purchase-Money Mortgage
The Real Estate Settlement & Procedures Act or RESPA prohibits loan servicers to hold excess monies in _____.
Escrow Accounts (Impound Accounts)
RESPA requires disclosure of all AfBA's or _____.
Affiliated Business Agreements
RESPA prohibits kick backs or unearned fees from ____.
Settlement Service Providers
Under RESPA a seller cannot require a buyer to use a specific _____.
Title Insurance Company
Under the ____________ consumers have the right to review their credit reports and correct inaccurate information.
Fair Credit Reporting Act
The federal law that protects the public from the reporting of inaccurate credit information is the________________.
Fair Credit Reporting Act (FRCA)
The Equal Credit Opportunity Act (ECOA)
The federal law that prohibits discrimination in the extension of credit.
Americans with Disabilities Act (ADA)
The federal law that prohibits discrimination against disabled persons by requiring equal access to public accommodations such as parking spaces and restrooms in commercial buildings.
The federal law that regulates the sale of land across state lines is _______________________________.
the Interstate Land Sales Full Disclosure Act
Do Not Call Registry
The federal registry that prohibits telemarketers from making certain types of phone calls.
Registration of a phone number in the Do Not Call Registry lasts ___________.
The penalty for violating the Do Not Call laws can be as high as _________ dollars per call.
Fair Housing Act of 1968 & Fair Housing Amendments Act of 1988
The federal laws that prohibit discrimination in the sale, rental, advertising and financing of housing.
The seven classes of people protected by the Federal Fair Housing Laws are:
c. Religion (Creed)
d. Sex (Gender)
e. Handicapped Status (Disability)
f. Familial Status
g. National Origin
Civil Rights Act of 1866
The law created in the 1800’s that prohibits discrimination based on race or color.
Denying that housing is available for sale or rent or channeling prospects to or away from certain areas.