ECOA - REG B ✔✔Equal Credit Opportunities Act
If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then Lender
has
... [Show More] 30 days to deliver
HMDA - REG C ✔✔Home Mortgage Disclosure Act
Found in:
Section 10 of 10-03 Loan App
Government Monitoring Section
Eliminates / Identifies Possible Discrimination
RESPA - REG X ✔✔Real Estate Settlement Procedures Act
TIL/TILA - REG Z ✔✔Truth in Lending Act (2015)
Deals with: (Of Consumer Loans)
Credit
APR
Advertising
HPA ✔✔Homeowners Protection Act
Deals With:
PMI - Private Mortgage Insurance - Protects Lender, NOT borrower
Conventional Loans
NOT MIP
NOT Government Loans
20% Down
SAFE ✔✔SECURE and Fair Enforcement Act
Created by HERA*
HERA ✔✔Housing and Economic Recovery Act
Law that created the SAFE Act*
TILA - REG Z requires lenders... ✔✔To disclose the COMPLETE COST OF CREDIT to
consumer loan applicants. Tell the WHOLE STORY of the loan.
3-Day Right of Recission ✔✔ESTABLISHED BY TILA - REG Z
- Creditor must return any money collected
related to the loan within 20 CALENDAY DAYS
- Consumers may rescind the credit transaction
UNTIL MIDNIGHT OF THE THIRD BUSINESS DAY.
- Borrowers must receive TWO COPIES of a
Notice of Right to Rescind.
Cooling Off Period ✔✔3 Days to change your mind (TILA)
TILA Disclosures must be Kept for... ✔✔2 Years
EXCEPTIONS:
Loan Estimate - 3 YRS
Closing Discolures - 5 YRS
TILA Disclosures ✔✔Loan Estimate Disclosure
Closing Disclosure
CHARM Booklet
(Consumer Handbook on Adjustable Rate Mortgages)
APR ✔✔Annual Percentage Rate
Another Phrase for APR... ✔✔Effective Rate
Another Term for Interest Rate... ✔✔Note Rate or Nominal Rate
Penalties for violating TILA ✔✔$5,000 per day for SINGLE Violation
$25,000 per day for reckless violation
$1,000,000 per day for KNOWINGLY violating TRID
RESPA ✔✔Real Estate Settlement Procedures Act
RESPA Definition ✔✔Passed in 1974 to provide consumer protection for loans on
RESIDENTIAL PROPERTIES (1-4 Units)
Enacted so consumers can obtain info on costs of closing so that they can shop for settlement
services.
Limits Escrow deposits
RESPA Allows Borrowers... ✔✔... to receive pertinent and timely DISCLOSURES regarding the
nature and cost of SETTLEMENT SERVICE cost.
RESPA Purpose ✔✔To help consumers become better shoppers for settlement services and to
eliminate unnecessary increases in the costs of due to KICKBACKS and places limitation on the
use of RESERVE accounts.
4 Important Sections of RESPA ✔✔Section 6 - 8 - 9 - 10.
RESPA Section 6 ✔✔Protects homeowners against Mortgage Servicing Abuse.
RESPA Section 8 ✔✔Prohibits Kickbacks, Fee-Splitting, and unearned fees.
RESPA Section 9 ✔✔States a seller cannot require the use of particular title company.
RESPA Section 10 ✔✔Identifies amounts that can be charged to maintain escrow accounts
Settlement Services Include ✔✔- Origination of a Federally related Mortgage Loan
- Mortgage Broker Services
- Services related to the origination , processing, or federal mortgage loan funding
- Title services
Settlement Services NOT Included ✔✔- Building / Remodeling Contractors
- Service and Repair Contractors
- Moving Companies
- Landscaper
- Home Improvement or Design Companies
Department of Hosing and Urban Development Acronym ✔✔HUD
RESPA applicable Loans ✔✔Made with funds insured by the federal government (e.g., FHA
loans)
Made with collateral insured by the federal government (e.g., flood insurance)
Made with funds from a lender regulated by the federal government or that has deposits insured
by the federal government (e.g., depository institutions regulated by the FDIC or NCUA)
Intended for sale to Fannie Mae or Freddie Mac
Made by a creditor regulated under the Truth-in-Lending Act, or
Made by a mortgage broker and assigned to a creditor [Show Less]