Truth in Lending Act (TILA) Worksheet

Truth in Lending Act (TILA) Worksheet

University

58 Qs

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Truth in Lending Act (TILA) Worksheet

Truth in Lending Act (TILA) Worksheet

Assessment

Quiz

Other

University

Easy

Created by

Mercy Hdez

Used 1+ times

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58 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does TILA stand for?

Truth in Lending Act

Total Interest Loan Agreement

Tax Incentive Lending Act

Trust in Loan Act

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

TILA disclosures are required when credit is offered, but before the transaction, and when credit is advertised to potential customers.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many installments must there be for TILA to apply?

2

3

4

More than 4

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How long must a Loan Estimate be kept according to TILA disclosures?

1 year

2 years

3 years

5 years

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: The Closing Disclosure must be kept for ____ years according to TILA disclosures.

5

2

3

7

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which booklet must be provided for ARM loans under TILA disclosures?

Consumer Handbook on Adjustable Rate Mortgages (CHARM booklet)

Home Equity Loan Guide

Mortgage Insurance Booklet

Loan Originator Handbook

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When must the notice of right to rescind be provided for Home Equity Loans, HELOC, and Refinances of Principal Residence?

Within 1 day

Within 3 days

Within 7 days

Within 20 days

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