12 Questions
Which law requires lenders to report detailed loan and demographic information to prevent discrimination?
HMDA
When must the Servicing Disclosure Statement be disclosed to the borrower?
3 business days after application
How many days' notice must a borrower receive prior to a servicing transfer on a loan?
15
Which of the following is NOT included in finance charges under TILA?
MIP
Which disclosure must have a statement that payments and/or loan terms may change?
Servicing Disclosure
When must you give the Loan Estimate?
Within 3 business days of the application
How many months would be required for escrow on hazard insurance?
6 months
Which of the following is NOT one of the 3 national credit bureaus?
Chancellor
What was the main reason Congress enacted the Home Mortgage Disclosure Act?
To identify discriminatory lending patterns
Which type of loans are exempt from the Real Estate Settlement Procedures Act (RESPA)?
Subprime mortgage loans
Which federal statute primarily governs the settlement of residential mortgage loans?
RESPA
According to fair lending laws, what information are you permitted to ask loan applicants?
If they will stop working once they have children
Test your knowledge on lending laws including ECOA, HMDA, TILA, and HOEPA. Questions cover reporting requirements for lenders, disclosure statements, and servicing transfer notices.
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