Mortgage Facts

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.

Author

RayBeltran

149085

Card Set

Mortgage Facts

Description

Facts regarding the Mortgage industry.

Updated

2012-04-21T20:17:41Z

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