Mortgage Mortgage Federal Laws and Regulations Questions and Answers 3

Question 1

Which federal regulation implements the Truth in Lending Act (TILA) for mortgage transactions?

Accepted Answer

Regulation Z

Answer

Regulation X

Answer

Regulation B

Answer

Regulation C

Question 2

Under the Dodd-Frank Act, what is the maximum debt-to-income ratio generally permitted for a Qualified Mortgage (QM)?

Accepted Answer

43%

Answer

36%

Answer

41%

Answer

50%

Question 3

The Fair Housing Act prohibits mortgage lending discrimination based on all of the following EXCEPT which?

Accepted Answer

Credit history

Answer

Race and national origin

Answer

Familial status

Answer

Religion

Question 4

What document must a mortgage lender provide within three business days of receiving a loan application, as required by the TILA-RESPA Integrated Disclosure (TRID) rule?

Accepted Answer

Loan Estimate

Answer

Closing Disclosure

Answer

Good Faith Estimate

Answer

HUD-1 Settlement Statement

Question 5

Under the Gramm-Leach-Bliley Act (GLBA), mortgage lenders are required to provide borrowers with which of the following?

Accepted Answer

An initial privacy notice explaining information-sharing practices

Answer

A property survey report

Answer

A certificate of mortgage insurance

Answer

A flood zone determination

Question 6

Which federal agency has primary rulemaking and enforcement authority over most federal consumer mortgage protection laws since 2011?

Accepted Answer

Consumer Financial Protection Bureau (CFPB)

Answer

Federal Reserve Board

Answer

Federal Housing Administration

Answer

Office of the Comptroller of the Currency