Hmda - Study guides, Class notes & Summaries

ECOA - Reg B - correct answer -Equal Credit Opportunity Act HMDA - Reg C - correct answer -Home Mortgage Disclosure Act RESPA - Reg X - correct answer -Real Estate Settlement Procedures Act TILA - Reg Z - correct answer -Truth In Lending Act HPA - correct answer -Home-owner Protection Act PMI is required when - correct answer -Borrower puts less than 20% down ECOA deals with - correct answer -credit applications HMDA allows to see - correct ans

Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) - Civil Rights Act of 1866 banned discrimination in the rental or sale of housing (Race, color, religion, national origin) - Fair Housing Act of 1968 added gender (sex) to the protected classes - Housing and Community Development Act of 1974 Added Disability and familial status to protected classes. - Fair Housing Amendments Act of 1988 Requires lenders and brokers to ensure that applicants und...

Cindy bought a home and closed on a 6.0% rate for 30 years. The loan includes a payment feature that allows Cindy to make a $1,400/month payment for the first five years, and a $1,800/month payment for the remainder of the loan. What type of loan is this? - Variable - ARM - Option ARM - Fixed rate - Answer-Fixed rate. This loan is a fixed-rate loan (at 6% for 30 years). The payment example shows an interest-only feature for the first five years and then a fully-amortized payment for the ...

Practice SAFE Exam Questions Which federal law requires that the Good Faith Estimate be provided to the borrower within three business days of the time, a loan application is taken? A. ECOA B. HMDA C. RESPA D. TILA - C What type of scam entails homeowners who are encouraged to refinance their property over and over until little or no equity remains? A. extreme lending B. loan flipping C. property skimming D. reverse equity - B After a loan closing, funds are disbursed. When ar...

NMLS PRACTICE QUESTIONS AND ANSWERS 100% ACCURATE NMLS PRACTICE QUESTIONS AND ANSWERS 100% ACCURATE NMLS PRACTICE QUESTIONS AND ANSWERS 100% ACCURATE NMLS PRACTICE QUESTIONS AND ANSWERS 100% ACCURATE which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - ANSWER-FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - ANSWER-Acceleration Cl...

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...

MLO SAFE NMLS safe test practice exam questions and answers A loan subject to HOEPA allows prepayment penalties for the first ______ years of the loan. - Answer-2 (two) years Per the Dodd-Frank Act an abusive act would include which of the following: 1. One that materially interferes with the consumers ability to understand the product or service. 2. One that take unreasonable advantage of a consumers' lack of understanding. 3. One that takes unreasonable advantage of the consumer's...

HUD Housing Counseling Exam Questions with complete solution 2023/2024Civil Rights Act of 1866 - correct answer Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 - correct answer banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Housing and Community Development Act of 1974 - correct answer added gender (sex) to the protected classes Fair Housing Amendments Act ...

1.The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: 1.Price fixing 2.Redlining 3.Steering 4.Blockbusting - Correct Choice:4 2.You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? 1.CHARM Booklet 2.ARM Disclosure 3.Fair Lending Practices Booklet 4.RESPA Booklet - Correct Choice:1 3.How many d...

HUD Housing Counseling Exam Correctly Solved 100% Correct!! Civil Rights Act of 1866 Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) Fair Housing Act of 1968 banned discrimination in the rental or sale of housing (Race, color, religion, national origin) Housing and Community Development Act of 1974 added gender (sex) to the protected classes Fair Housing Amendments Act of 1988 Added Disability and familial status to protected classes. R...