Regs Acronyms

REG B Ensures That all consumers are given an equal chance to obtain credit.

When selling or renting no actions based on race, color, national orgin, religion, sex, familial status (kids) or handicap.

Reg V Fair Credit Reporting Act - Consumer reporting agencies use procedures which are faire and equitable.

Fair and Accurate Credit Transactions Act. - Added new sections to the Fair Credit Reporting Act. - Provide the Notice to Home Loan Applicant Credit Score Information Disclosure. Looking for Fraud Alerts and active duty alerts. Procedures needed. Dumpster Divers beware.

REG X Real Estate Settlement Procedure Act. In three business days - HUD Settlement Cost Booklet. Mortgage Servicing Transfer Disclosure - time of app. GFE three days. Settlement agent if borrower requests it HUD-1 withing one day of settlement.

Reg Z Truth in Lending Act. - Requires a standardized disclosure TIL form so and applicant can better compare credit offers.

Mortgage Disclosure Improvement Act. Early or initial (3 day) disclosure is required under RESPA Closed end loans.

Home Ownership & Equity Protection Act (Section 32 Mortgages.) Coverage Tests APR exceeds APOR (Avg. Prome Offer Rate) by 6.5 % First Lien/8.5% if personal dewelling and under 50K.

Higher Priced Mortgage Loans. Section 35 of Reg. Z. If APR is > 1.5% of APOR first lien or if APR >3.5% of APOR 2nd lien.

REG C. Home Mortgage Disclosure Act. - Shortgage of credit in certain areas. Requires lender to provide to the Feds applilcation Data on all loan applications in the calander year reporting.

REG G. Mortgage Licensing Act. Secure and Fair Enforcement for Mortgage License Act. The NLMS.

REG N Advertising Rules. Keep for 24 months. Mortgage acts and Practices.

REG O Mortgage Relief Assistance Services. For the Urbans of the world. Regulates the marketing of the services. 12 Point 1/2 the size, etc.

Address Confidentiality ProgramA State program that provides survivors of actual or threatened domestic violence, sexual offenses, or stalking with two services: a legal substitute mailing address for interacting with all state and local government agencies and a confidential mail forwarding service. The intent is to protect the location of a survivor and reduce the risk of future harm.