Mortgage Facts

Card Set Information

Author:
RayBeltran
ID:
149085
Filename:
Mortgage Facts
Updated:
2012-04-21 16:17:41
Tags:
Mortgage industry
Folders:

Description:
Facts regarding the Mortgage industry.
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  1. ECOA requires a notice of action taken and FCRA requires an adverse summary within 30 days of denying a completed application.
  2. Regualtion B is ECOA
    • ECOA rhymes with BOA
    • Just replace the EC with B and you will remember that ECOA is Reg B.
  3. 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
  4. Regulation X is RESPA
    Just think of REXPA and you will remember RESPA is Reg X
  5. 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.
  6. FCRA - The Fair Credit Reporting Act
    This Federal Law deals with regulations relating to companies that collect and share clients credit information.

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