Term
| when are notices of error due? |
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Definition
Acknowledgement that any error occurred: 5 days
failure to provide accurate payoff balance: 7 days
Foreclosure process violations: prior to the date of a foreclosure sale or within 3 days, whichever is earlier |
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Term
| what notices must be given for forced place insurance? |
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Definition
Initial notice must be given 45 days before charge is assessed
reminder is due at least 30 days after initial notice and at least 15 days prior to assessing a fee
if borrower gets insurance the servicer must cancel forced placed insurance within 15 days and refund overlapping charges |
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Term
| when do you have to contact borrowers for early loss mitigation? |
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Definition
contact within 36 days of delinquincy
provide written notice within 45 days of delinquincy
check for completion and respond to borrower application within 5 days
If submitted 37 days before foreclosure, evaluate potential options and respond within 30 days |
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Term
| Penalties for violating section 6 |
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Definition
individual: liable for damages not exceeding $1000
Class actions: $1000 for each member in the action and total damages can't exceed 500k or 1% net worth of servicer |
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Term
| Penalties for violating section 8 |
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Definition
| fines of up to 10k and up to one year in prison |
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Term
|
Definition
| up to 3 times the amount charged for title insurance |
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Term
| Penalties for violating section 10 |
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Definition
Accidental: Civil penalty per violation with cap of 130k/year
Intentional: 110 per violation with no cap |
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Term
| What rules are under section 6 |
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Definition
Force placed insurance
loss mitigation
Notices of error
MSDS |
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
| What is hoepa also known as |
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Definition
|
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Term
|
Definition
| section 35, high price mortgage loan |
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Term
| What section is Loan originator compensation |
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Definition
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Term
|
Definition
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Term
| penalties for violating TILA |
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Definition
Monetary fines from $400-$4000
Class actions less of 500k or 1% net worth
intentional violations as high as $5000 and 1 year in prison
MLO compensation rule violations can result in damages of 3X originator compensation |
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Term
| How long must TILA records be kept? |
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Definition
| Everything must be kept for 2 years and ATR and QM rule evidence must be kept for 3. LMO compensation records for 3 years as well |
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Term
| what defines a small creditor? |
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Definition
| assets less than 2 bil and under 500 primary lien mortgages |
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Term
| how long until a credit account is considered inactive? |
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Definition
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Term
| How long does a consumer have to bring charges in FCRA and FACTA violations? |
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Definition
| 2 years after the discovery of a violation or 5 years after a violation occurs |
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Term
| what are the penalties for violating FCRA and FACTA |
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Definition
Obtaining info under false pretenses can result in a fine and 2 years in prison.
Civil penalty is damages, punitive damages, and attorney's fees |
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Term
|
Definition
|
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Term
|
Definition
| The FTC enforces all of it except for regulation P |
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Term
| What are the parts of regulation P? |
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Definition
Privacy Policy
Annual Privacy Notice
Opt out
Pretexting |
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Term
| Which law does the Fair Housing act come from |
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Definition
|
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Term
| who regulates the Fair housing act |
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Definition
| The Department of Justice |
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Term
|
Definition
|
|
Term
| who is exempt from MARS fee collection rule |
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Definition
|
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Term
| What does Regulation N regulate |
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Definition
|
|
Term
| who enforces regulation N |
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Definition
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|
Term
| When do I have to file a CTR |
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Definition
| for any transaction of currency over $10k |
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Term
| when is the initial escrow statement due |
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Definition
| 45 days after escrow account is established, or at closing. whichever |
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Term
|
Definition
| at closing (or in mail 3 days after) |
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Term
| what is the maximum cushion allowed in an escrow account |
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Definition
| 1/6 of the annual total for tax and insurance |
|
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Term
| what happens if there is a $51 surplus in the escrow account? |
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Definition
| It must be returned to borrower within 30 days of it's discovery (in the annual escrow analysis) |
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Term
| which law requires a copy of the appraisal to go to the consumer and when is it due? |
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Definition
| ECOA, immediately upon completion or 3 days prior to closing |
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Term
| How long must ECOA related documents be kept? |
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Definition
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Term
| Which law requires that an applicant is communicated with within 30 days of submitting an application? |
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Definition
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Term
| which law sometimes requires 2 appraisals? |
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Definition
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Term
| When is the initial ongoing arm disclosure due? |
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Definition
| within 210-240 days prior to the first payment due on initial rate adjustment |
|
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Term
| when are subsequent ongoing arm disclosures due? |
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Definition
| within 60-120 days prior to the first payment at each periodic rate adjustment |
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