Chapter 5

a core area containing a substantial population nucleus of 50,000 or more inhabitants is known as a

standard metropolitan statistical area

good ethics leads to

-happy clients -referrals -more income for you

a scheme where the property and borrower are non-existent is referred to as an

air loan fraud scheme

an order to cease and desist is known as an

injunction

ethics differs from law in that ethics is

what is right

the main purpose of the Home Mortgage Disclosure Act is to

expose incidents of redlining

lending in the absence of discrimination based on race, sex, color, religion, national ancestry, marital status, or handicap is known as

fair lending

the act that establishes uniform standards for credit reporting and strengthens consumer protection against identity theft is known as the

Fair and Accurate Credit Transaction Act (FACTA)

The intentional misrepresentation or omission of material facts by applicants to improperly influence a mortgage loan lender is referred to as

mortgage fraud

any person who receives or represents to the public that he or she will for compensation assist an applicant in obtaining a residential mortgage loan is defined as a

residential mortgage loan originator