Finance
Predatory lending targeting elderly Pennsylvania homeowners with high-fee reverse mortgage products or excessive home equity loan terms may violate:
AOnly the federal TILA
BPennsylvania's Unfair Trade Practices and Consumer Protection Law (UTPCPL) and federal laws✓ Correct
CRELRA only
DThe Pennsylvania Condominium Act
Explanation
Predatory lending in Pennsylvania may violate the federal Truth in Lending Act, RESPA, the Home Ownership Equity Protection Act (HOEPA), and Pennsylvania's Unfair Trade Practices and Consumer Protection Law. The UTPCPL provides victims with private rights of action and treble damages.
Related Pennsylvania Finance Questions
- A mortgage with a fixed interest rate and fixed monthly payments over 30 years is known as a:
- Under TRID, which document replaced the HUD-1 Settlement Statement for most closed-end mortgage loans?
- What is the purpose of a mortgage amortization schedule?
- A Pennsylvania 'short sale' occurs when:
- Pennsylvania's Act 6 of 1974 (Loan Interest and Protection Law) provides anti-predatory lending protections including:
- RESPA (Real Estate Settlement Procedures Act) requires that a Loan Estimate be provided to the borrower within how many business days of the loan application?
- The Truth in Lending Act (TILA) requires disclosure of the Annual Percentage Rate (APR) because:
- Pennsylvania's transfer tax on real estate is:
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →