Table of Contents
- 1 Which of the following would be covered by Regulation Z?
- 2 Is predatory mortgage lending legal?
- 3 What happens when the terms of the loan are satisfied?
- 4 What is not permitted under Reg Z?
- 5 What’s the most common indicator of illegal property flipping?
- 6 What is the prime rate for today?
- 7 What is a satisfaction fee?
- 8 What is a certificate of satisfaction?
- 9 What do I need to open a pawn shop?
- 10 What do you call a pawn shop in New York?
Which of the following would be covered by Regulation Z?
Regulation Z is part of the Truth in Lending Act of 1968 and applies to home mortgages, home equity lines of credit, reverse mortgages, credit cards, installment loans and certain student loans.
Is predatory mortgage lending legal?
Legal Protections Federal laws protect consumers against predatory lenders. Chief among them is the Equal Credit Opportunity Act (ECOA). This law makes it illegal for a lender to impose a higher interest rate or higher fees based on a person’s race, color, religion, sex, age, marital status or national origin.
Is PrimeLending a direct lender?
As a direct lender, PrimeLending delivers a fast and efficient process to our buyers from the initial application, to approval of a competitive loan and to the final closing.
What happens when the terms of the loan are satisfied?
A satisfaction of mortgage is a signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property. Some borrowers prepay their mortgages by making extra mortgage payments in an effort to pay off their mortgages faster.
What is not permitted under Reg Z?
Regulation Z does not apply, except for the rules of issuance of and unauthorized use liability for credit cards. (Exempt credit includes loans with a business or agricultural purpose, and certain student loans. (Credit that is extended to a land trust is deemed to be credit extended to a consumer.)
What does Reg Z require?
Regulation Z is a law that protects consumers from predatory lending practices. Also known as the Truth in Lending Act, the law requires lenders to disclose borrowing costs so consumers can make informed choices.
What’s the most common indicator of illegal property flipping?
The appraisal may include red flags symptomatic of inflated value. Many of the same red flags that accompany a traditional flip also apply to cash-out purchase fraud – straw buyer, false source of funds and false occupancy.
What is the prime rate for today?
The Prime Rate Today is 3.25%.
What FICO score does PrimeLending use?
Mortgage loan products at PrimeLending Conventional loans from PrimeLending require a minimum credit score of 620.
What is a satisfaction fee?
A satisfaction fee is a fee charged by the County Recorder’s of Deeds office to record the lien release on the property. The Satisfaction fee is included in the loan Payoff Statement.
What is a certificate of satisfaction?
When certifying that the release of a lien on the borrower’s property because payment satisfaction of all due obligations, this formal document is issued by the lender.
Where to get a pawnbroker’s license in New York?
If you will operate in New York City, you file at the DCA Licensing Center, 42 Broadway, Fifth Floor, New York, NY 10004. You will need a pawnbroker license as well as secondhand dealer general license.
What do I need to open a pawn shop?
The state and the locality where you intend to set up require several legal filings before they will issue the necessary permits and licenses to open your pawn shop. File a business/assumed name certificate with the county clerk where your business is located, if you are operating a sole proprietorship under a name different from your own.
What do you call a pawn shop in New York?
In the state of New York, a pawn shop business is known officially as a collateral loan broker. The state and the locality where you intend to set up require several legal filings before they will issue the necessary permits and licenses to open your pawn shop.
How are pawn shops regulated in the US?
At the federal level, pawnbrokers are regulated by the Federal Trade Commission (FTC), Truth in Lending Act (TILA), federal firearm laws. All states and most cities have some form of licensing for pawn shops as well, with a combination of a pawnbroker’s license, precious metal dealer license, and/or a secondhand dealer license.