Term
| The new RESPA rules changes somewhat ____ the ____ between RESPA and TILA. |
|
Definition
| blur the line (I thought this would be good to know) |
|
|
Term
| What is the traditional definition of "application" in the world of mortgage lending? |
|
Definition
| an oral or written request for an extension of credit that is made in accordance with the procedures established by a creditor for the type of credit requested. |
|
|
Term
| What 6 items of information should be enough for an originator to be able to produce an accurate GFE for a borrower? |
|
Definition
1. Name
2. SSN (to obtain a credit report)
3. Gross Monthly Income
4. Property Address
5. Estimate of property value
6. The amount of the mortgage loan sought. |
|
|
Term
| Once a good faith estimate has been delivered, a creditor can not collect any type of fee other than a credit report fee for how long? |
|
Definition
|
|
Term
| What is the penalty for violating the three day waiting period when it comes to colecting fees? |
|
Definition
|
|
