Finance
Under Dodd-Frank, the Consumer Financial Protection Bureau (CFPB) has authority over which of the following Ohio mortgage activities?
AOnly FHA loans
BMortgage origination, servicing, and consumer financial protection compliance✓ Correct
COnly commercial loans over $10 million
DOnly loans made by credit unions
Explanation
The CFPB has broad authority over consumer financial products including mortgage origination, servicing, TILA/RESPA disclosures, and enforcement of consumer protection laws in the residential mortgage market.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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