Truth In Lending Act (TILA)/ Regulation Z Flashcards Preview

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Flashcards in Truth In Lending Act (TILA)/ Regulation Z Deck (16)
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1
Q

What are some products that fall under TILA?

A

Credit Cards, Cash Reserves, Etc

2
Q

Requires disclosures concerning the costs and terms associated with obtaining credit.

A

Truth in Lending Act (TILA)/ Regulation Z

3
Q

Applies to any credit extended to a consumer primarily for _________, __________, or __________ purposes.

A

Personal, family, household

4
Q

Credit extended primarily for business, commercial, or agricultural purposes or an extension of credit to an entity other than a natural person are _________.

A

Excluded

5
Q

The ___________ of the loan, not the ____________, will determine if it is consumer or commercial

A

Purpose, collateral

6
Q

For HELOC’s, Initial disclosures must be provided at ___________, or within _________ business days if application is received over the phone.

A

Application, three

7
Q

For mortgages, initial disclosures must be provided at ____________, or within _________ business days if application is received over the telephone.

A

Application, three

8
Q

What 4 things must be provided at mortgage loan application.

A

1003
FIRM disclosures
CHARM booklet
Your Home Loan Toolkit

9
Q

What 6 things come in loan kits?

A
1003 application
IRS form 4506-T
Borrowers Signature Authorization
Insurance Policy Information
FIRM 5 and FIRM 7 Disclosures
CHARM Booklet
Your Home Loan Toolkit
10
Q

What document allows us to collect information from applicants other non-FirstBank accounts?

A

Borrower Signature Authorization

11
Q

What form gives us permission to retrieve applicant tax information?

A

IRS form 4506T

12
Q

CFPB publication to educate consumers on ARM’s.

A

CHARM booklet

13
Q

Publication from CFPB on how to read loan information.

A

Your Home Loan Tool Kit

14
Q

What loan type is exempt from TILA-RESPA?

A

HELOC

15
Q

What constitutes an application under TRID?

A
A - Address
L - Loan Amount
I - Income (monthly)
E - Estimated Property Value
N - Name (borrowers)
S - SSN
16
Q

A prequalification is an application (T/F)

A

False