Enacted to prevent abuses in consumer credit cost disclosures

LendaLot refuses to lend in a specific area because it is inhabited by a protected class

Alienation Clause

Two guys walk into a bar. One is a loan officer, one a real estate agent. The officer tells the agent. "If you send me buyers that close, I'll buy you all the booze you want."

What federal legislation specifically addresses the sharing of non-public information between financial institutions?

www.annualcreditreport.com

6 people work together to commit a single act of mortgage fraud

What is a mortgage (12 months or less) that occurs between the end of one mortgage and the beginning of the next?

A loan with a 2/1 buydown, a current market rate of 6.5%, and a start rate of 4.5% would have a payment based on what rate in month 30?

Are you married, unmarried, or separated? According to Reg B

Under which federal legislation does the consumer have the right to receive a copy of the appraisal report on a dwelling that is to be used as collateral for a loan?

Loan Officer Richard is bragging in the office about how he refinanced a borrower's home 4 times in one year. This would suggest which type of scam?

Anakin just took out a second mortgage loan that allows him to take multiple withdrawals of varying amounts, with a period of interest only payments

Conventional DTI ratios

Requires ALL printed advertising to include the Equal Housing Act Logo

A loan generally cannot be considered a _____________ mortgage if the points and fees paid by the consumer exceed 3 percent (%) of the total loan amount.

George, a mortgage broker, devised fictional borrowers to obtain loans on non-existent properties, and then set up custodial accounts for escrow payments to create the appearance of a legitimate business. George is committing a mortgage fraud scam known as

A plan where payment subsidies in early years keep payments low, but payments go up each year until they're high enough to fully amortize the loan, is known as a

Elsa has a sales contract for $380,000 in downtown Nashville, TN. She has $45,000 cash. She makes over $200,000 and her median credit score is 615. What is, most likely, the best type of loan for Elsa?

Frank intentionally withheld information that would disqualify him from obtaining a loan. Frank has committed mortgage fraud as a result of

Government agency that oversees TILA

Loan officer Jerry advertises low interest rates and includes the accurate APR. However, when qualified applicants come in, Jerry tells them that the smarter loan for them would be one with a slightly higher rate and more fees.

Prime Rate

Temporary buydown

Temporary buydown