Home Equity Compliance Review

This requires Centra to report specific data on all Home Equity loans regardless of loan purpose.

• Regulation B

• Home Mortgage Disclosure Act

• TILA-RESPA

• SAFE Act

What does the SAFE Act require from Centra's real estate lenders?

• To disclose the requirement of flood insurance within a reasonable time before closing the loan.

• To be mindful of which real estate fees and costs are included in the finance charge because of how they tie into the annual percentage rate (APR)

• To be registered with the Nationwide Mortgage Licensing System and Registry (NMLS).

• To report specific data on all Home Equity loans regardless of the loan purpose.

Reg B is _________ and applies to all loan types and protects loan applicants from various types of discrimination by prohibiting lenders from discouraging a loan application, turning down a loan request, and termination an existing credit arrangement.

• Fair Lending

• An Act

• Not required

• A settlement

How many business days does the Flood Disaster Protection Act require a lender to disclose the requirement of flood insurance before closing the loan?

• 3

• 5

• 7

• 10

The Real Estate Settlement Procedures Act (RESPA) ensures that applicants are provided with adequate and timely information regarding fixed-rate Home Equity ______.

• Appraisals

• Closing dates

• Costs

• Insurance

This requires a lender to be mindful of which real estate fees and costs are included in the finance charge because of how they tie into the annual percentage rate (APR).

• Reg B

• HMDA

• SAFE Act

• Reg Z

Which of the following is NOT data that is required to be reported as part of HMDA?

• Applicant Gender

• Number of Dependents in the Household

• Loan Purpose

• Applicant Age

What are the two main documents associated with the TILA-RESPA Integrated Disclosures? (Select 2)

• List of Counselors

• Closing Disclosure

• Adverse Action Notice

• Loan Estimate

What does the SAFE Act prohibit?

• Centra Team Members from discussing or originating any real estate loan unless registered.

• Lenders from discouraging Applicants from shopping around and comparing loans between financial institutions.

• Forced-placed insurance

• Various types of discrimination.