Which of the following fair lending laws requires loan application registers?
Which of the following fair lending laws requires loan application registers?
Home Mortgage Disclosure Act
Loan application forms. Home Mortgage Disclosure Act – Loan Application Register (HMDA-LAR) or loan registers and lists of declined applications.
Which does federal law require be disclosed for loans?
Truth In Lending Act Defined A federal law that helps promote consumer awareness, it essentially requires lenders to provide standardized disclosures about loan terms and costs, including information such as the annual percentage rate, terms of the loan, and total loan cost.
What are the fair lending regulations?
Two different federal laws deal with discrimination in lending: the Fair Housing Act (FHAct) and the Equal Credit Opportunity Act (ECOA). These fair lending laws prohibit lenders from discriminating in credit transactions on the basis of race, color, national origin, religion, sex, and other specified grounds.
What type of loan transactions does the Fair Housing Act apply to?
Fair lending prohibits lenders from considering your race, color, national origin, religion, sex, familial status, or disability when applying for residential mortgage loans.
What are the 2 fair lending laws?
The federal fair lending laws—the Equal Credit Opportunity Act and the Fair Housing Act—prohibit discrimination in credit transactions, including transactions related to residential real estate.
When do lenders have to provide disclosures?
If the borrower enters the repayment period without the lender ‘s knowledge, the lender must provide the required disclosures to the borrower immediately upon discovering that the borrower has entered the repayment period .
What do I need to know about my lender?
(i) The lender ‘s name, a toll-free telephone number accessible from within the United States that the borrower can use to obtain additional loan information, and the address to which correspondence with the lender and payments should be sent;
When do disclosures need to be made on a Stafford Loan?
In the case of a Federal Stafford or Federal PLUS loan, the disclosures required by this paragraph must be made not less than 30 days nor more than 150 days before the first payment on the loan is due from the borrower.
When do lenders have to give notice of delinquency?
(ii) The notice must be sent within five business days of the date the borrower becomes 60 days delinquent, unless the lender has sent such a notice within the previous 120 days. (b) Exception to disclosure requirement.
What are the requirements of the truth in Lending Act?
The TILA requires lenders to disclose credit terms in an easily understood manner so that consumers can confidently comparison shop interest rates and conditions.
If the borrower enters the repayment period without the lender ‘s knowledge, the lender must provide the required disclosures to the borrower immediately upon discovering that the borrower has entered the repayment period .
What is Regulation Z of the truth in Lending Act?
Regulation Z is a Federal Reserve Board rule that requires lenders to give you the true cost of credit in writing before you borrow. That includes spelling out the amount of money loaned, the interest rate, APR, finance charges, fees and length of loan terms. In short, Regulation Z is another name for the Truth in Lending Act.
What is the home equity loan Consumer Protection Act?
Home Equity Loan Consumer Protection Act The Home Equity Loan Consumer Protection Act (HELCPA) of 1988 requires lenders to disclose the terms of a home equity loan before the loan is finalized. Interest rates, payment terms and miscellaneous charges must be disclosed with the loan application and before the first transaction.