federal mortgage laws

Under the Red Flags Rules, financial institutions and creditors must develop a written program that identifies and detects the relevant warning signsor red flagsof identity theft. If Mr. Kim chose not to complete Part X of the Uniform Residential Loan Application, the loan originator could mark Asian as Mr. Kims race. Biden Just Took First Step to Cancel Student Debt Using Different Law Under the SAFE Act, mortgage loan originators must complete how many hours of Nationwide Mortgage Licensing System-approved pre-licensing education? d. If a person physically locates out of a state, he or she is not immune to the SAFE ActCorrect answer is (d).According to the SAFE Act, each state is able to establish and enforce the provisions of the licensing system and prevents an individual from avoiding a states requirements by physically locating outside of the state and conducting business by telephone or other means. These include kickbacks, fee splitting, unearned fees, seller-required title insurance, and unlimited deposits into escrow accounts. Under ECOA, when qualifying a borrower for a mortgage loan, a lender might not consider which source of income? c. credit report.Correct answer is (c).The SAFE Act also requires all mortgage loan originators to submit fingerprints to the Nationwide Mortgage Licensing System (NMLS) for submission to the FBI for a criminal background check. Mortgage loan originators may use caller ID blocking.b. RESPA (Real Estate Settlement Procedures Act) applies to which of the following? Of the following, which does the FTC enforce? The Fair and Accurate Credit Reporting Act requires businesses, such as financial institutions that rely on consumer reports, to detect, prevent, and mitigate identity theft. Under ECOA all verifiable net incomes likely to continue for at least three years may be used and should be grossed up. According to RESPA, the HUD-1 must be used for: The Truth in Lending Act applies to all real estate loans except: According to the ECOA, which of the following does not have to be included in an adverse action notice? a. additional courses developed by the Federal Reserve. The FTC is the agency that monitors compliance with consumer protection laws of which the ECOA is one. The federal statute, that makes it a crime to use false or misleading methods to obtain customer information possessed by financial institutions is called the: Which loan would exempt a lender from collecting statistical data under HMDA? Ads should not have words that state or imply a preference with regard to race, color, religion, handicap, sex, or familial status. Rights to Financial Privacy Actd. Even though a mobile home may be considered personal property, if it is intended as the consumers principal dwelling, it is governed by Regulation Z. d. 3 yearsCorrect answer is (d). Equal Credit Opportunity Actb. Protect the confidentiality of personal consumer informationb. felony conviction in the past seven years.c. Correct answer is (d). require disclosure of credit terms so consumers can compare loans. The notice must provide the new rate and the new payment. only if the institution revises the Privacy Policy.d. of your training Reasonable requirements for making payment may include: (i) Requiring that payments be accompanied by the account number or payment stub; All state licensed and federally registered mortgage loan originators must be registered with the: a. Consumer Reporting Agencies (CRAs), users of Consumer Reports, and furnishers of information to the Federal Trade Commission (FTC).b. Under ECOA, the credit bureau, lender, and federal regulator must be included on a statement of credit denial. Which federal law does not allow a lender to consider the borrowers family size when qualifying income for the borrower. a. A newly licensed MLO working for Best Mortgage was cold calling consumers. It does not cover land tracts of 25 or more acres, whether there is a residence or not. RESPAc. Find the resources you need to understand how consumer protection law impacts your business. X [Sec. Within 3 business days after discovering the changed circumstancesCorrect answer is (b). A mortgage servicer must credit a borrower for a payment under a mortgage on the day that it receives the payment. Fair Credit Reporting Actd. Federal Loan Modification Law Center, LLP, et al. Farm Credit System institutions.b. $3,500 for each violation with a maximum $1,000,000 per calendar year. Now that the Supreme Court of the United States has formally weighed in on Biden's student loan forgiveness plan, it's easy to think all hope is lost. A to Z Marketing, Inc., also d/b/a Client Services; Apex Members, LLC, also d/b/a Apex Solutions, also d/b/a MacArthur Financial Group, et al. E-mail sent as part of an ongoing commercial transaction, called transactional e-mail messages, are excluded from the Act. Not informing the subject of a consumer credit checkb. These clauses allow acceleration (having the principal and interest become due immediately) of the mortgage. Guides to how the Bureau will supervise and examine entities under its jurisdiction for compliance with Federal consumer financial law. Under TILA, what is the rescission period? Z Sec. Consumer Reporting Agencies (CRAs), users of Consumer Reports, and furnishers of information to Consumer Reporting Agencies (CRAs)Correct answer is (b).The FACT Act regulates consumer-reporting agencies (CRAs), users of consumer reports, and furnishers of information to consumer reporting agencies (CRAs). Data regarding race of applicant voluntary given by applicant at time of loan applicationc. Pub. The HPA addresses homeowners' difficulties in canceling . Matching a favorable loan program to a mortgage applicantc. (a) generally. c. Gramm-Leach-Bliley ActCorrect answer is (c).Title V - Privacy, of the Gramm-Leach-Bliley Act, requires clear disclosure by all financial institutions of their privacy policy regarding the sharing of non-public personal information with both affiliates and third parties. a. running a consumer credit check without telling the subject violates FCRA and carries substantial civil penalties.Correct answer is (a).Consumers must give permission to run a credit check. The site is secure. Not informing the subject of the intended use of their credit checkd. d. Nationwide Mortgage Licensing System (NMLS)Correct answer is (d).The SAFE Act requires state-licensed mortgage loan originators to pass a qualified written test developed by the Nationwide Mortgage Licensing System (NMLS) and administered by an approved test provider. All residential mortgage loan originators must be __________ according to the SAFE Act.a. d. All of the aboveCorrect answer is (d). list of ethical practices when soliciting prospective borrowers. The Department of Housing and Urban Development (HUD) defines application as a: Of the following federal laws, which is NOT intended to primarily address issues of privacy and identity protection relating to credit? Pub. On loans governed by RESPA, a buyer or seller may legally be charged for all of the following, except: According to RESPA, when does the mortgage loan originator have to give the Special Information. Training solutions to support your workforce's continuing Nationwide, also d/b/a EMA and Expense Management America, et al. HMDA does not collect data on the borrowers age. However, as part of the banking and finance industry, mortgage loans are heavily regulated by both state and federal law. Each law was designed to protect mortgage loan consumers. The Safeguards Rule - The safeguards rule requires financial institutions to have a security plan to protect the confidentiality and integrity of personal consumer information. Send your letter and copies of any documents that support your request to the mortgage servicer's customer service address by certified mail and request a return receipt. creditor to calculate the APR.d. What network of lenders provides financing alternatives for a borrower who is seeking to purchase a rural property for agricultural production? According to HMDA, what must be forwarded to the regulator by March 1 of each year? L. 111203, 1463(b)(2), substituted $1,000,000 for $500,000. d. All of the aboveThe Interagency Guidelines on Identity Theft Detection, Prevention, and Mitigation are part of the Fair and Accurate Credit Transactions Act of 2003 (FACTA). .In general, the Do Not Call rules do not apply to calls made: a. containing a commercial solicitation.b. Questions? Which additional disclosure must be made if only the annual percentage rate is disclosed in an advertisement for property? GFE, HUD-1, and the Truth in Lending Disclosures. Mortgage Licensing Act - Federal Registration of Residential Mortgage Loan Originators Not more than 1/8 of 1% in a regular transactiond. Regulatory Credit Settlement Actd. Clean, bright, and move-in ready for the right family.d. Unlimited access to Lorman's Learning Library for your personal nationally registered.c. X, Sec. a. All of them are included, therefore none of them are excluded. CCorrect answer is (b). monitor other agencies using checks and balances. obtain force-placed hazard insurance unless there is a reasonable basis to believe the borrower has failed to comply with the loan contracts requirements to maintain property insurance; charge fees for responding to valid qualified written requests (as defined in regulations which the, fail to take timely action to respond to a borrowers requests to correct errors relating to allocation of payments, final balances for purposes of paying off the loan, or avoiding foreclosure, or other standard, fail to respond within 10 business days to a request from a borrower to provide the identity, address, and other relevant contact information about the owner or assignee of the loan; or, fail to comply with any other obligation found by the. Which is not a requirement under the Gramm-Leach-Bliley Acts Safeguards Rule? Do Not Call Listc. 1994Subsec. Annually. HMDA requires lenders to collect and report data on an annual basis. The organization with the acronym FCRA whose purpose is to require that consumer-reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit: a. Oklahoma Pub. Send a letter to request information from your servicer or have them correct errors.
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