NACA HUD Certification Exam ; QUESTIONS AND ANSWERS 100% SOLVED
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Course
HUD
Institution
HUD
NACA HUD Certification Exam ; QUESTIONS
AND ANSWERS 100% SOLVED
Credit Report - Answer- a compilation of data about you that has been gathered
by credit
reporting agencies or "credit bureaus"
Length of Credit History - Answer- Makes up 15% of FICO score
Type - Answer- __ of credit use make...
three credit bureaus and is used to determine credit worthiness therefore is full
verified when a
customer applies for a loan and it will affect the credit score
Negative Amortization - Answer- when the loan principal increases over time
even though you
are making payments
Balloon Payment - Answer- a final loan payment that is much larger than the
regular monthly
payments
PITI - Answer- Principal, Interest, Taxes, Insurance
4 C's of Credit - Answer- Capacity, Capital, Character, Collateral
Chapter 7 Bankruptcy - Answer- Straight Bankruptcy; most common form for
individuals;
, NACA HUD Certification Exam ; QUESTIONS
AND ANSWERS 100% SOLVED
typically used by people who have no hope of repaying their debt;
Truth in Lending Act (TILA) - Answer- Requires lenders to provide consumers
with loan cost
information so that they can comparison shop (to protect consumers against
inaccurate and unfair
loan billing and credit card practices)
Title 6 of the Civil Rights Act of 1964 - Answer- no person in the united states
shall, on the
ground of race, color, or national origin, be excluded from participation in, be
denied the benefits
of, or be subjected to discrimination under any program or activity receiving
federal financial
assistance.
Title 8 of the Civil Rights Act of 1968 - Answer- The Fair Housing Act; Executive
Order 11063
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