Ecoa Study guides, Class notes & Summaries

Recovery Coach Academy for Turning Point (PEER COACH) Questions With 100% Correct Answers.

ECOA Exam Review Questions and answers, VERIFIED. Regulation B requires that applications are dispositioned within 30 days of the application date. This means you need to: - -Request either verbally or in writing additional information from the borrower if you do not have enough to make a credit decision Approve the loan Suspend the loan Deny the loan Notification must be issued within: - -30 days of receiving a completed application 30 days after taking adverse action on an incomple...

Equal Credit Opportunity Act(ECOA) (Regulation B), Questions and answers/ Equal Credit Opportunity Act (ECOA). - -What does ECOA mean? The Consumer Financial Protection Bureau (CFPB) - -Who enforces ECOA? that creditors do not discriminatewhen granting credit - they must "Be Equal". - -ECOA is regulation "B" and it requires what? a "credit application". - -ECOA primarily deals with what? race, color, religion, national origin, sex, marital status, age (provided the applicant has a...

Equal Credit Opportunity Act (ECOA), Questions and answers, verified/ Title VII - -Enacted by Congress in 1974, ECOA was added to the Consumer Credit Protection Act as Equal Credit Opportunity Act/Regulation B - -To promote the availability of consumer credit to all applicants by prohibiting credit decisions based on race, color, religion, national origin, gender, marital status, age. Prohibits credit decisions based on the fact that an applicant's income is derived from any public as...

B. Equal Credit Opportunity Act (ECOA), 12 CFR Part 1002 (Regulation B), Questions and answers, verified/ ECOA when was it enacted - -1974 1. Subtopics a. Factors that cannot be used to discriminate - -Race Color Religion National origin Sex Marital status Age, as long as the loan applicant is old enough to enter a contract Receipt of income from a public assistance program Exercise of rights under the Consumer Credit Protection Act, which includes the Truth- in-Lending Act 1. Su...

Peer Recovery Specialist Certification (Recovery coaching) Quizzes & Ans…

NMLS Test Questions and Answers Graded A+ What is the pass rate for the NMLS Test and how long is it? 75% of 115 questions, 125 questions long with 10 ungraded What is the biggest thing to remember about taking the test? Read the questions twice, slowly, but do not take over 30 seconds per question the first time through. Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:13 / 0:15 Full screen What is the requirement under Fa...

Which of the following is not true concerning ECOA? It requires lenders to notify loan applicants of their application status within 30 days Its provisions are implemented by Regulation B It requires lenders to give borrowers a copy of their appraisal and a notice stating they are entitled to a copy of the appraisal It requires the disclosure of the APR on all advertisements which contain an interest rate - ANSWER-The answer is it requires the disclosure of the APR on all advertiseme...

Rhode Island Practice Exam/Peer Recovery Coach Exam (Recovery Coach Exam) Questions & Answers Solved 100% Correct!!

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular company...