Oklahoma OIL Blog Assignment #1

Please read the below questions and answer appropriately by posting the letter answer for each question in the Comments Section below.

       1.  The Consumer Credit Code does not apply to loans that are made to enable the debtor to build or purchase a residence or to refinance such a loan when it is made by:

1. A lender whose loans are supervised by an agency of the United States
2. An FHA-approved lender
3. Both A and B
4. None of the above

     2.  A loan that is otherwise exempt from the Consumer Credit Code could be subject to its provisions if:

1. All parties to the loan sign an agreement that dictates that the loan will be cover by the Consumer Credit Code
2. A judge issues a court order requiring the loan to be covered by the Consumer Credit Code
3. The FHA issues a ruling that a particular loan should be covered by the Consumer Credit Code
4. None of the above

      3.  Which of the following elements are still protected by the Consumer Credit Code, even if the loan is otherwise excluded from coverage by the code?

1. Disclosures
2. Debtors’ remedies
3. Loan finance charges for other loans
4. All of the above

Students should post directly to the Blog!  If you have any problems posting your assignment to the Blog (due to firewall issues etc.), you may send your answer directly to the instructor via email at oil@mymortgagetrainer.com  

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