Things to Remember Flashcards
Regulation B
ECOA. Equal Credit Opportunity Act
Regulation C
HMDA – Home Mortgage Disclosure Act
Regulation X
RESPA – Real Estate Settlement Procedures Act
Regulation Z (Godzilla)
TILA – Truth in Lending Act
HPA
Homeowners Protection Act= private mortgage insurance PMI (conventional loans)
SAFE
Secure and Fair Enforcement Act
HERA
Housing and Economic Recovery Act
Regulation V
Fair Credit Reporting Act –FCRA
FACT Act
Fair and Accurate Credit Transactions
Act
AfBA/ABA
Affiliated Business Arrangement 1%
not 10%
Civil Rights Act
Race
Escrow account
Impound account aka reserve
Mortgage
a written instrument using real property
to secure repayment of a debt.
primary market
where borrowers and lenders
come together to negotiate terms for mortgages. It is
where we, as consumers, obtain mortgages.
Mortgage Banker
Company, individual, or entity that
originates, processes, underwrites, closes/funds, and
services mortgage loans.
Mortgage Broker
Company or individual who, for a
fee, places loans with lenders, but does not service
such loans.
TYPES OF PRIMARY MARKET
Mortgage Banker
– Mortgage Broker
– Commercial Banks
–Savings and Loan Associations (Thrifts)
– Credit Unions
Finance Companies:
– Mutual Savings Banks:
ECOA- REG B
sex, race, religion, color, national origin, age, marital status, receipt of public assistance
FAIR HOUSING ACT
sex, race, religion, color, national origin, disability/handicap, familial status
if an application is denied based on appraisal under ECOA REG B says borrower has
90 days to request a copy and lender has 30 days to deliver
HMDA- HOME MORTGAGE DISCLOSURE ACT REG C
ALLOWS REGULATORS TO C POSSIBLE DISCRIMINATION
FOUND IN SECTION 10 OF 10-03 LOAN APPLICATION
“GOVERNMENT MONITORING SECTION
TILA DEALS WITH
CREDIT, APR, ADVERTISING OF LOAN
what type of loans have private mortgage insurance PMI
conventional loans
PMI is required when the borrower puts less than
20% down
