The Mortgage Acts and Practices — Advertising rule is known as:
Regulation N.
Which of these is a violation of Reg N?
Misrepresenting a
... [Show More] negative amortizing mortgage as a fully amortizing mortgage.
Which of these is required under Regulation N?
Accurate identification of the advertising entity.
Which of the following was an example of a Regulation N violation in the video?
Indicating an initial rate is "fixed" without indicating it is later adjustable. Promising approval. Failing to include the APR when the interest rate is used. All the above.
Which entity may bring an action under Regulation N?
The Consumer Financial Protection Bureau (CFPB).
Who is considered a mortgage assistance relief service provider?
Real estate agents who negotiate or arrange short sales for their clients.
Services which constitute mortgage relief services include:
negotiating a short sale on behalf of the homeowner. obtaining a forbearance on payments for the homeowner. negotiating a deed-in-lieu of foreclosure for the homeowner. All of the above.
A _____________ is geared towards a specific consumer.
consumer-specific communication
_________ is an oral communication.
Streaming audio
Which of the following is a prohibited practice or advertisement under the MARS rule?
Collecting advance fees before performing mortgage assistance relief services.
What three things must occur before a mortgage relief assistance service provider may collect a fee?
Relief offer, offer provided to borrower, borrower accepts in writing.
Records of communications have to be kept for _____________ under the MARS rule.
24 months
Failure to comply with Reg N may result in:
civil penalties and equitable monetary relief paid to the wronged borrower.
Which of the following statements is true?
A general commercial communication is not geared towards a specific consumer, and is used to advertise services before the mortgage assistance relief service provider enters into an agreement with the consumer to provide mortgage assistance relief services.
Which of the following violations of the MARS rule did Consumer Advocates Group Experts, LLC commit?
Collecting a fee from the consumer before the mortgage assistance relief services contract was agreed to by the homeowner.
Which of the following violations of the MARS rule did Lakhany et al. commit?
"Forensic loan audit" scams.
In a __________, fraudsters instruct consumers to surrender the title to their homes as part of a deal that allows them to stay on the property as a renter and buy it back later.
rent-to-buy scheme
Under the Mortgage Acts and Practices - Advertising rule, all forms of commercial communication pertaining to mortgage credit products must be kept on file for:
24 months.
Under the Mortgage Assistance Relief Services (MARS) rule, advance fees are:
prohibited.
Under the Mortgage Acts and Practices - Advertising rule, mortgage-related advertisements are called:
commercial communications.
Under the Mortgage Assistance Relief Services (MARS) rule, if a commercial communication is program-length, it must include disclosures:
at the beginning, middle and end.
Under the Mortgage Acts and Practices - Advertising rule, terms such as fees, costs, obligations and characteristics associated with a mortgage credit product must be:
openly provided to consumers.
Under the Mortgage Assistance Relief Services (MARS) rule, __________ includes mediums like the internet, online services and software.
interactive media communication
In a __________, con artists trick consumers into signing a paper that surrenders the title to the consumer's house in exchange for a "rescue" loan.
bait-and-switch scam
A commercial communication not geared towards a specific consumer is called a(n):
general commercial communication.
Which of the following items was identified as a specific risk element in connection with nontraditional mortgage products?
Reduced documentation.
The reliance on forecasted increases in property values when underwriting a mortgage is known as:
collateral dependency.
The risk posed by excessive demand for mortgages on the secondary market comes from:
securitization.
Which of the following statements is true?
As defined by the 2006 interagency guidance, nontraditional mortgage product is a closed-end residential mortgage product that allows borrowers to defer repayment or principal or interest.
Which one of the following factors DOES NOT increase the risk of default in the video?
Strong credit.
The most common type of mortgage in the U.S. is the:
30-year fixed rate mortgage.
ARM use is currently:
dipping. [Show Less]