Which information is NOT required to be included in an AfBA disclosure?
Correct Answer
A) The exact percentage of ownership interest
RESPA does not require disclosure of the exact percentage of ownership interest in the AfBA disclosure, only that an affiliated business relationship exists.
Why This Is the Correct Answer
RESPA does not require disclosure of the exact percentage of ownership interest in the AfBA disclosure, only that an affiliated business relationship exists.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
A lender quotes an APR of 4.25% on a mortgage loan, but the actual APR calculation results in 4.28%. Under TILA's APR accuracy tolerance, is this disclosure compliant?
Which of the following fees would NOT be included in the finance charge calculation under TILA?
For a purchase money mortgage with a loan amount of $400,000, which of the following represents the correct method for calculating the APR?
A servicer receives a borrower's written request for payoff information on Monday. The borrower needs the information for a refinance closing scheduled for the following Friday. When must the servicer provide an accurate payoff statement?
A lender provides a borrower with initial TILA disclosures showing an APR of 4.5%. Due to market changes, the final APR at closing is 4.625%. What disclosure requirement applies?
A borrower refinances their primary residence on Tuesday and receives the required TILA disclosures. Assuming no federal holidays, what is the last day they can exercise their right of rescission?
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Previous Question
A lender originates a loan secured by property in an SFHA but the borrower obtains flood insurance through a private carrier instead of the NFIP. What additional documentation must the lender obtain?
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A lender provides a Closing Disclosure on Friday afternoon via email to a borrower who requested electronic delivery. Assuming no holidays, what is the earliest day the loan can close?