FEDERAL-RELATED LAW REVIEW NMLS

CFPB stands for

Consumer Financial Protection Bereau

CFPB was established by

Dodd-Frank Act and Consumer Finance protection act

CFPB purpose is to

promote financial stability through accountability and transparency.

Any term that has do with Money or Banking they have to answer to CFPB

do not answer to the cfpb?

FHA and Department of commerce

RESPA Purpose:

Better shoppers for Settlement services.

RESPA covers:

1-4 UNITS Residential Properties

RESPA does not cover

ALL CASH SALES, Rental properties, NOR commercial

violating RESPA could result in

fine up to $10,00 and/ or imprisonment of one year

RESPA section 6

deals with mortgage servicers.

RESPA section 8 deals with

prohibits Kickbacks, Fee-splitting and Unearned fees ( Upfront fees or advance fees)

RESPA Section 9 deals with

Title Insurance

RESPA Section 10 deals

Escrow Accts ( each month- no more than 1/12th ) (at closing- 2 months 1/6th the annual amount)

How often is an annual escrow analysis perform?

Every 12 months

Fannie Mae stands for

FNMA -Federal National Mortgage Assosiation

Freddie Mac stands for

FHLMC- Federal Home Loan Mortgage Corporation

Ginnie Mae Stands for

GNMA-Government National Mortgage Assosiation

FNMA is a what kind of entity?

GSE-Government Sponsored Entitiy

FHLMC is a what kind of entity?

Federal Home Loan Mortgage Corporation is a GSE- Government Sponsored Entity

GNMA is NOT a GSE, what kind of entity is it?

GNMA issues and guarantees on bond polls