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14. Fair Lending and Consumer Protection M/C

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14. Fair Lending and Consumer Protection M/C

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Questions and Answers

What does the lender need to do if the actual charges exceed the estimated charges by more than the allowed amount?

Charge additional fees on top of the estimated charges

Refund the excess charges to the borrower (correct)

Ignore the difference and proceed with closing

Reduce the actual charges to match the estimated charges

When must the lender give the closing disclosure form to the borrower?

After closing has already taken place

On the day of closing

At least three business days before closing (correct)

At least one business day before closing

What is a characteristic of predatory lending practices according to the text?

Clear and transparent communication with borrowers

Issuing loans below the actual value of the property

Taking advantage of uninformed and vulnerable buyers (correct)

Providing loans based on the borrower's capacity to pay

What is a requirement for higher-priced loans under federal predatory lending law?

In-person appraisal, including interior, is necessary Signup and view all the answers

Which element is NOT a part of predatory lending practices mentioned in the text?

Loan refinancing assistance Signup and view all the answers

Who do predatory lenders typically target according to the text?

People who aren't able to understand the transaction they're entering into Signup and view all the answers

What is a key restriction related to higher-priced loans under federal predatory lending law?

Prepayment penalties not allowed after first two years Signup and view all the answers

What action must be taken if some charges exceed specific limitations?

The lender must refund the excess charges to the borrower Signup and view all the answers

What is a consequence of waivers at closing according to the content?

Can lead to kickbacks or increased costs for borrowers Signup and view all the answers

What aspect defines predatory lending practices as mentioned in the text?

Focusing on uninformed and vulnerable buyers for profit Signup and view all the answers