Finance
The 'Dodd-Frank Wall Street Reform and Consumer Protection Act' (2010) created which consumer protection agency relevant to mortgage lending?
AFederal Trade Commission (FTC)
BConsumer Financial Protection Bureau (CFPB)✓ Correct
CSecurities and Exchange Commission (SEC)
DFederal Housing Finance Agency (FHFA)
Explanation
The Dodd-Frank Act created the Consumer Financial Protection Bureau (CFPB), which regulates consumer financial products including mortgage lending. The CFPB enforces rules like TRID, the Qualified Mortgage (QM) rule, and RESPA.
Related Colorado Finance Questions
- An adjustable-rate mortgage (ARM) in Colorado has an initial rate of 5% for 5 years, then adjusts annually. The note says '5/1 ARM with 2/2/5 caps.' What does '5' in the '2/2/5' represent?
- Colorado's foreclosure process under a deed of trust is primarily:
- A Colorado buyer is required to pay 'discount points' at closing. One discount point equals:
- A Colorado buyer asks what 'discount points' are. Each discount point equals:
- A Colorado buyer's PITI payment is $2,400/month. Their gross monthly income is $7,500. What is their front-end (housing) DTI ratio?
- A 'balloon mortgage' in Colorado is characterized by:
- A Colorado borrower obtains a 30-year fixed-rate mortgage for $300,000 at 7% interest. The monthly principal and interest payment is approximately $1,996. What is the total interest paid over 30 years?
- A Colorado buyer obtains an FHA loan to purchase a $350,000 home. The FHA minimum down payment is 3.5%. What is the minimum down payment required?
Practice More Colorado Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Colorado Quiz →