Back2Basics: HELOCs | Compliance Alliance

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Question 1 of 10

1. Question
1. To be a HELOC under Regulation Z:
A. The loan must be secured by the consumer’s primary dwelling
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B. The consumer is required to make multiple draws during the loan term;
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C. The loan proceeds must be used for a consumer purpose, regardless of what the purpose of the collateral is.
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D. None of the above
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Question 2 of 10

2. Question
1. True or False: The RESPA Section 8 prohibitions apply to HELOCs?
A. True
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B. False
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Question 3 of 10

3. Question
1. The bank is required to provide a change in terms notice for which of the following?
A. Skip features disclosed in the initial disclosure
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B. Significant changes
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C. Both
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D. None of the above
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Question 4 of 10

4. Question
1. When are periodic statements required to be mailed or delivered when if a grace period does not apply?
A. 14 days prior to the due date
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B. 30 days prior to the due date
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C. 21 days prior to the due date
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D. None of the above
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Question 5 of 10

5. Question

What activities can the bank perform during the recission period?

A. Disburse advances to the consumer
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B. Begin performing services for the consumer
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C. Deliver materials to the consumer
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D. None of the above
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Question 6 of 10

6. Question
1. True or false: HELOCS fall under the definition of a mortgage loan per RESPA?
A. True
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B. False
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Question 7 of 10

7. Question
1. Which of the following is not considered a triggering term in an advertisement?
A. Finance Charge
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B. Late Payment Fee
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C. Loan Term
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D. All of the above
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Question 8 of 10

8. Question

Which of the following is not prohibited by Regulation Z?

A. Changing the terms of a HELOC to an index that is controlled by the bank
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B. Increasing the amount of a fee charged to a consumer on an existing HELOC when the fee increase is a result of an increase in the fee charged by a third party
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C. Obtaining the consumer’s consent for the bank to change late fees at its discretion for the remainder of the loan term
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D. Demanding immediate repayment of the loan when a tax lien is placed on the collateral due to the consumer’s failure to pay property taxes as required.
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Question 9 of 10

9. Question
1. True or False: HELOCs may be subject to the appraisal disclosure requirements of Regulation B.
A. True
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B. False
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Question 10 of 10

10. Question

For what period of time is the bank required to maintain HELOC records?

A. 1 year
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B. 18 months
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C. 24 months
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D. 3 years
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