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Lending Laws Quiz: ECOA, HMDA, TILA, HOEPA

12 Questions

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Lending Laws Quiz: ECOA, HMDA, TILA, HOEPA

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Questions and Answers

Which law requires lenders to report detailed loan and demographic information to prevent discrimination?

HMDA (correct)

TILA

ECOA

HOEPA

When must the Servicing Disclosure Statement be disclosed to the borrower?

7 business days after application

7 business days before closing

3 business days after application (correct)

3 business days before closing

How many days' notice must a borrower receive prior to a servicing transfer on a loan?

15 (correct)

Which of the following is NOT included in finance charges under TILA?

MIP Signup and view all the answers

Which disclosure must have a statement that payments and/or loan terms may change?

Servicing Disclosure Signup and view all the answers

When must you give the Loan Estimate?

Within 3 business days of the application Signup and view all the answers

How many months would be required for escrow on hazard insurance?

6 months Signup and view all the answers

Which of the following is NOT one of the 3 national credit bureaus?

Chancellor Signup and view all the answers

What was the main reason Congress enacted the Home Mortgage Disclosure Act?

To identify discriminatory lending patterns Signup and view all the answers

Which type of loans are exempt from the Real Estate Settlement Procedures Act (RESPA)?

Subprime mortgage loans Signup and view all the answers

Which federal statute primarily governs the settlement of residential mortgage loans?

RESPA Signup and view all the answers

According to fair lending laws, what information are you permitted to ask loan applicants?

If they will stop working once they have children Signup and view all the answers