Card Set Information
Facts regarding the Mortgage industry.
ECOA requires a notice of action taken and FCRA requires an adverse summary within 30 days of denying a completed application.
Regualtion B is ECOA
ECOA rhymes with BOA
Just replace the EC with B and you will remember that ECOA is Reg B.
Regulation C is HMDA
HMDA sounds like Home.
C sounds like See.
Picture your future house, can you see your Home?
Can you C your HMDA?
HMDA is Reg C
Regulation X is RESPA
Just think of REXPA and you will remember RESPA is Reg X
Regualtion Z is TILA.
Picture a Zebra when you think of Reg Z.
Picture TILA as the Zebra's "TAIL".
Reg Z for Zebra, TILA for Tail. Zebra Tail.
TILA is Reg Z.
FCRA - The Fair Credit Reporting Act
This Federal Law deals with regulations relating to companies that collect and share clients credit information.