Definition -sex, race, or age. Definition -notice of action taken:to inform the consumer of the reasoning behind any adverse actions taken. Term Define rescission. Term What does the Safeguards Rule require?
Term List at least two common Red Flag examples. Term Summarize the differences between conventional loans and government loans. Term Provide a web address for at least one website where you can get up-to-date information about government loan programs.
Term A borrower is unsure whether to go with a faxed rate or adjustable rate loan. What kind of questions would you ask to help them decide? Term Provide the names of two HUD-approved counselors in your area.
Term A first time borrower does not understand the importance of qualifying ratios. Term Make a list of at least three items that are important to double check before submitting a loan application to underwriting. Term List at least two things you would be sure to tell a borrower in preparation for closing.
Term Select a government loan program and summarize its guidelines. Term A borrower has asked about mortgage insurance premiums and private mortgage insurance.
How would you summarize these requirements for them? Term Describe your ethical obligations pertaining to appraisers. Term Provide web addresses for at least two websites addressing mortgage fraud. Summary of the May proposed amendments to Regulation C and advance notice of proposed rulemaking. Unofficial redline of the May proposed amendments to Regulation C. Download the latest version , version 5.
Guides to how the CFPB will supervise and examine entities under its jurisdiction for compliance with Federal consumer financial law. See the HMDA examination procedures.
The Bureau provides a list of frequently asked questions and answers on particular topics to assist in understanding and complying with HMDA and Regulation C. Browse all FAQ topics. The webinars are accurate as of their original presentation dates and do not reflect amendments to Regulation C issued after their presentation dates.
As it was under the old HMDA rule, if during a face-to-face interview a borrower chooses not to provide any of the GMI, the loan officer should indicate this and then collect the information themselves based on visual observation. The borrowers age is a new data point that must be collected in The only other situation in which Not Applicable may be reported for the age is when the borrower is not a natural person i.
The one caveat to this rule is that the age of the borrower must be reported if they are the beneficiary of a trust. While these additions are not required to be collected until , the CFPB has stated that they are allowing institutions to use the new GMI form for any application that is taken in , in order to help loan officers become accustomed to the new form and to hopefully diminish the amount of reporting mistakes come Your email address will not be published. This site uses Akismet to reduce spam.
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