Finance S4: Additional Govt Influences TX

What is HUDs mission?

• Create strong, sustainable, inclusive communities and quality affordable homes for all.

• To foster the stability, integrity, and efficiency of the nation's monetary, financial, and payment systems so as to promote optimal macroeconomic performance

• To assist and protect consumers of real estate services, thereby fostering economic growth in Texas

• To make consumer financial markets work for consumers, responsible providers, and the economy as a whole

Who regulates the Truth-in-Lending Act (TILA) Regulation Z?

• CFPB

• FDA

• PDFA

• CFTC

What/Who determines the definition of a business day (with loan estimate 'LE' as an exception)?

• CFPB

• TILA

• HOEPA

• RESPA

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

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