Finance
The Dodd-Frank Act created the Consumer Financial Protection Bureau (CFPB), which regulates Washington mortgage lenders primarily through:
AState licensing oversight
BTILA-RESPA Integrated Disclosure (TRID) rules requiring Loan Estimate and Closing Disclosure forms✓ Correct
CSetting maximum interest rates
DApproving all loan applications before funding
Explanation
The CFPB's TRID rules (TILA-RESPA Integrated Disclosure) require lenders to provide borrowers with a Loan Estimate within 3 business days of application and a Closing Disclosure at least 3 business days before closing.
Related Washington Finance Questions
- Under the Real Estate Settlement Procedures Act (RESPA), which of the following is NOT prohibited?
- In Washington, private mortgage insurance (PMI) on a conventional loan must be automatically cancelled when the borrower's equity reaches what percentage under the Homeowners Protection Act?
- Which type of loan program is specifically designed to help Washington veterans purchase homes with no down payment?
- A Washington borrower's debt-to-income ratio (DTI) is calculated by dividing:
- Which of the following statements about Washington State's property tax system is TRUE?
- The Truth in Lending Act (TILA) right of rescission allows a borrower to cancel a refinance mortgage on their primary residence within:
- Washington's conforming loan limit for Fannie Mae/Freddie Mac in high-cost areas like Seattle/King County may be:
- The Washington Housing Finance Commission (WSHFC) provides first-time homebuyer assistance programs that offer:
Practice More Washington Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Washington Quiz →