what is the purpose of ncua lending regulations? quizlet

STUDY. 7535-01-U . 663 0 obj <>stream security defined [any investment… The Securities Act of 1933 [IPO]. Create . endstream endobj startxref federal consumer credit protection act was enacted in, federal consumer credit protection act is also known as, 2 purposes of federal consumer credit protection act, -to require full disclosure of the cost of credit, the consumer credit protection act is administered by, the consumer credit protection act is administered by the federal trade commission (ftc) under a set of regulations known as, types of credit transactions excluded from provisions of the act(excluded from coverage) are, act provides that borrower must be given a --- before a permanent contract is made, specific items that must be included in disclosure statement depend on the, 2 most important disclosures in real estate transactions are, -total of all credit charges over life of the loan, APR combines interest rate with other costs of the loan into a single figure which reflects, consumer credit protection act is administered through a set of regulations known as, personal property loans are excluded from the coverage of the consumer credit protection act if they are, consumer credit protection act requires that the lender give the borrower a, truth in lending act also gives the borrower the right, in some situations, to rescind a credit transaction until midnight of the --- day following the closing of the transaction or------, the consumer credit protection act includes provisions related to any, under provisions of consumer credit protection act, any advertisement may state the --- and --- without having to disclose any other credit information, if an ad mentions any other "specific"credit term" from the following list of---, then additional disclosures must be made, the truth in lending act deals with disclosure of credit costs, rescinding some contracts, and---, the words about credit in an advertisment that require full disclosure of credit costs are called, if advertisment includes any of the triggering terms, it must also disclose-(3), truth in lending act deals with disclosure of credit costs, rescinding some contracts, and --, penalties for violating the consumer credit protection act can include-, under RESPA, business and commercial loans are--, RESPA is a federal law which was enacted by congress in, insure buyers of real property are given sufficient information on nature and cost of settlement process, RESPA covers loans made on --- property only, types of properties covered by RESPA are-(3), loans covered by RESPA include any loan involved by, any loan that has any involvement by federal government includes, -FHA, VA, or any other government backed loans, any loan that has involvement by federal government also includes, any loan by a lender who makes or invests more than --, $1 million in residential real estate loans annually, provisions of RESPA fall into 2 categories, booklet and good faith estimate must be given at time the borrower makes application for the loan or must be mailed within, borrower has right to inspect the completed settlement statementwithin -- day(s) before closing, lender must use the HUD uniform settlement statement with the following exeptions. Yes, if a collector makes more than ten annual collections, or collects more than $40,000, he/she must be licensed as a California real estate broker. Must Jacinda be licensed? .

B. to educate the public on the compliance rules.

Expert Answer . Gross rent multiplier is sales price divided by monthly gross rent GRM = sales price / monthly gross rent. Choose from 500 different sets of federal regulation flashcards on Quizlet. In retail banking, bankers recognize that consumers have a range of financial service needs and that banks must take a broad approach to serving them. The costs and terms are not what they had previously understood.

One Sunday morning, she notices advertising for new condos where "no down payment is required." 640 0 obj <> endobj ACTION: Final rule. They complete the application, are approved for a loan, complete other paperwork, and are now obligated to complete the loan. What banks offer Safe Deposit boxes, and what can be stored in them?

Also, under Article 7, if the home is not occupied by the owner, under what circumstance is the loan exempt from a balloon payment?

Understanding the National Credit Union Administration (NCUA) The NCUA is a federal agency founded in 1970 and headquartered in Alexandria, Virginia.

& She has a very stable position as a surgical nurse and excellent credit.

The maximum amount that may be charged to the borrower for loan costs and expenses is 5% of the loan, or $390.00, to a maximum of $700.00. They are now in good financial shape to buy their first home. 122 terms. True.

0 © 2016 CUNA CONSUMER LENDING REGULATIONS v Allegations of violations of ECOA or Regulation B . It looks like your browser needs an update. RIN: 3133-AE88 . .

The insurance company has been providing Lily with "motivation" in the form of cash to keep the referrals coming. What does contingent mean in real estate? What is the timing order of an 1985 Plymouth horizon? NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 701 .

How long will the footprints on the moon last?

False.

A … the HUD does not have to be used if, borrower has the right to inspect the completed settlement statement --, under RESPA, referral fees when no actual service is provided are.

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45 terms. EXAMINER’S GUIDE 0 Interest rate risk. What checks can you loose and if lost the bank will replace? The couple has been working with a mortgage broker, Ted, to assist them in finding the best loan. %PDF-1.6 %���� AGENCY: National Credit Union Administration (NCUA). Consumer credit laws are enacted at both the federal and state levels.

What are the release dates for The Wonder Pets - 2006 Save the Ladybug?

What Is All The Braille Pokemon emerald And Ruby? Loans to Members and Lines of Credit to Members . A. Which Article do the regulations fall under? Few consumers credit regulations passed in the 1960s and 1970s are still in effect today. ACTION: Final rule.

R8: M3: Federal Securities Regulation.

How often do you reconcile your bank statement? Start studying Resource Chapter 7 and 8. No.

Which type of checking acct. employers have paychecks directly deposited into employee's checking accounts on payday. check wasn't cashed before statement was printed, What is simple interest {Interest on the principal only, NOT any previous interest earned}, paid once a year at year's end on average balance in savings account. Various NCUA regulations, state laws, and federal consumer compliance laws apply to both consumer loans and real estate loans. longmen. Beverly's brush with delinquency is too fresh on her record for the bank to issue a mortgage. What is the difference between a Credit Union, Commercial Bank, and a Savings & Loans bank. Terms What other banking-related entity shares similarities with the purpose and function of the NCUA? She has just been turned down for a mortgage by her bank.

How is gross rent multiplier calculated? When did organ music become associated with baseball?

FDIC. Jacinda makes collections on real estate loans.

Know the difference between compound and simple interest and which one is more beneficial (savings acct's, not credit), Compound: interest paid on principal and on previously earned interest (more beneficial). %%EOF

If the loan term is less than three years, and the home is not occupied by the owner, the loan is exempt from balloon payments. Sam is selling one of his rental homes. . What is the purpose of NCUA lending regulations? What is the most common reason for the differences between checkbook register and the bank statement? reporting, to educate the public on the compliance rules, to educate credit unions on how to follow federal guidelines, to educate credit card companies on keeping records, to educate corporations on making disclosures avaialable.

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What are the criteria for being considered a creditor under Truth in Lending?

Restrictive: for deposit only, cannot be taken out as cash, recommended for mailing, careful record keeping of bank transactions, compare check register to bank statement. Introduction.

| Failure to comply with these laws and regulations exposes the credit union to fines, civil money penalties, and diminished reputation. When do you record your transaction in your checkbook register? Learn vocabulary, terms, and more with flashcards, games, and other study tools. Interest rate risk increases as the terms of the loans extend. Log in Sign up. Money: purchased and written to payee, need to make payment by mail, don't need checking account, Western Union, booklet used to record financial transactions. What is the true purpose of Truth in Lending Law. How is gross income multiplier calculated?

protect family, get money for death of insured, possibly money for critical condition, banking service (use savings of customer to cover check). The amendments make the NCUA’s regulations more user friendly by: (1) identifying in one section all of the various … Jim and Kim Scott have been working very hard to rebuild their credit. What is the purpose of money lending? Search.

The two major securities… (1.2). What is the difference between a Money Order, Cashier's Check, Traveler's check, and Certified Check?

Jacinda makes collections on real estate loans. D. to educate credit card companies on keeping records.

Lily, a licensee, has been referring her first-time home buyers to Safe Insurance Company for all of their insurance needs.

... HDMA, regulated by CFPB, Comptroller, FED, FDIC, NCUA, HUD.

Although she has taken the steps to correct the issues, ninety days late on several debts is substantial. security defined [any investment… (1.2). What is the purpose of the FDIC, NCUA, SAIF? PLAY.

What is the bad part about Blank Endorsements? 654 0 obj <>/Filter/FlateDecode/ID[]/Index[640 24]/Info 639 0 R/Length 81/Prev 279753/Root 641 0 R/Size 664/Type/XRef/W[1 3 1]>>stream Deanna is thinking of taking the step from renter to homeowner.

to educate consumers on their rights for fair credit

She has, however, been at least ninety days late on several bills one year ago. erica_bogedin.

Beverly has since caught up on her credit card bills, paid them on time, and reduced their balances by half. How much does the FDIC, NCUA and the SAIF insure accts up to (Per depositor/per bank)?

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