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Questions and Answers
Which law requires lenders to report detailed loan and demographic information to prevent discrimination?
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?
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?
How many days' notice must a borrower receive prior to a servicing transfer on a loan?
- 30
- 15 (correct)
- 5
- 45
Which of the following is NOT included in finance charges under TILA?
Which of the following is NOT included in finance charges under TILA?
Which disclosure must have a statement that payments and/or loan terms may change?
Which disclosure must have a statement that payments and/or loan terms may change?
When must you give the Loan Estimate?
When must you give the Loan Estimate?
How many months would be required for escrow on hazard insurance?
How many months would be required for escrow on hazard insurance?
Which of the following is NOT one of the 3 national credit bureaus?
Which of the following is NOT one of the 3 national credit bureaus?
What was the main reason Congress enacted the Home Mortgage Disclosure Act?
What was the main reason Congress enacted the Home Mortgage Disclosure Act?
Which type of loans are exempt from the Real Estate Settlement Procedures Act (RESPA)?
Which type of loans are exempt from the Real Estate Settlement Procedures Act (RESPA)?
Which federal statute primarily governs the settlement of residential mortgage loans?
Which federal statute primarily governs the settlement of residential mortgage loans?
According to fair lending laws, what information are you permitted to ask loan applicants?
According to fair lending laws, what information are you permitted to ask loan applicants?
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