Hmda - Study guides, Class notes & Summaries

HOME MORTGAGE DISCLOSURE ACT (HMDA) Q/A 2024!!

HOME MORTGAGE DISCLOSURE ACT (HMDA) Q’S & A’S!!

Government Monitoring Information (GMI) - ANSWER reported information about the race, sex, and ethnicity of the applicant(s). A Metropolitan Division (MD) - ANSWER is a county or group of counties within an Metropolitan Statistical Area (MSA) thatis urban, population over 2.5 million AND consists of one or more main/secondary counties that represent an employment center or centers plus adjacent counties associated with the main/secondary county or counties through commuting ties.

HMDA is.... - ANSWER requires certain financial institutions to collect, report, and disclose information about their mortgage lending activity Is subject to HMDA if it meets all of the following? - ANSWER - asset threshold from the preceding year - location test: preceding year, home or branch office located in a metropolitan statistical area (MSA) - loan activity test: preceding year, originated at least one home purchase loan or refinancing of a home purchase loan secured by a first li...

(HMDA) Home Mortgage Disclosure Act Regulation C- Fair Credit Reporting Act (FCRA) Regulation V

HMDA Exam Review Questions and answers, VERIFIED/ 1. Which type of loan transaction is NOT covered under the HMDA reporting requirements? A. A loan secured by a multifamily dwelling B. An unsecured home improvement loan C. A loan to purchase a residential lot D. Both b and c - -D. Both b and c Neither unsecured home improvement loans nor loans on unimproved land are covered transactions. As of January 1, 2018, HMDA coverage requires a lien on a dwelling. 2. In a review of a bank's ho...

Which of the following best describes a 2nd mortgage loan? (A) A conventional mortgage that is conforming (B) A conventional mortgage that is non-conforming (C) A conforming loan that is non-conventional (D) A non-conforming loan that is non-conventional correct answers(B) A conventional mortgage that is non-conforming WHY? Non-conforming because it is a Second Mortgage and that falls outside the Frannie Mae - Freddie Mac guidelines It is important to understand that a conforming lo...

ECOA is Regulation ______ - Regulation B TILA is administered by ______ - CFPB HOEPA considers a loan to be high cost if total charges to borrower exceeds ______ % of loan amount? - 5% For reverse mortgage, TILA disclosure must be delivered how many days prior to closing? - 7 days Home Mortgage Disclosure Act (HMDA) implemented by _____ - FRB Loan amount, gender, race, & age; which is not required on HMDA? - Age HMDA does not - Set lending quotas for protected classes Bankruptcies are ke...