NACA HUD Certification Exam Questions and Answers 100% Correct
164 views 0 purchase
Course
NACA HUD
Institution
NACA HUD
NACA HUD Certification Exam Questions and Answers 100% Correct
NACA HUD Certification Exam Questions and Answers 100% Correct
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...
NACA HUD Certification Exam 2023-2024
Questions and Answers 100% Correct
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 makes up 10% of FICO score
New Credit or Inquiries - ANSWER-Makes up 10% of FICO score
Amounts Owed - ANSWER-Makes up 30% of FICO score
Payment History - ANSWER-Makes up 35% of FICO score
Fair Credit Reporting Act (FCRA) - ANSWER-act that protects privacy of background information and ensures that information supplied is accurate in the files of the nation's credit reporting companies
Residential Mortgage Credit Report - ANSWER-a credit report containing information from all 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; 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 (This Order signed by JFK on Nov. 20, 1962, "prohibits discrimination in the sale,
leasing, rental, or other disposition of properties and facilities owned or operated by the federal government or provided with federal funds." This order banned segregation federally funded housing.)
Section 504 of the Rehabilitation Act of 1973 - ANSWER-Extends civil rights to people with disabilities; the first disability civil rights law to be enacted in the U.S; set the stage for the Americans with Disabilities Act.
The Age Discrimination Act of 1975 - ANSWER-Prohibits discrimination on the basis of age in programs and activities receiving federal financial assistance
Title 9 of the Education Amendments of 1972 - ANSWER-bars educational institutions or activities that receive federal funds from discriminating against persons on the basis of sex
Housing Counselor - ANSWER-a professional who is HUD certified to provide advice and guidance to individuals and households to assist them in improving their housing situation and meeting the responsibilities of tenancy and homeownership.
counselor - ANSWER-The main role of the __________ is to assess the client's needs and educate them on how to achieve their goals of homeownership.
HCA data release form - ANSWER-permits an HCA to order a client credit report and/or
to share client information with HUD or third parties as applicable
Fair Housing Act - ANSWER-The federal law that prohibits discrimination in housing sales, rentals, financing, and insurance based on race, color, religion, sex, disability, familial status, and national origin
Active debts - ANSWER-debts that the Client is currently paying or that are in a deferment or forbearance status and will become active in the next 12 months
charge-offs and collections - ANSWER-debts the client stopped paying
liens and judgements - ANSWER-debts that the creditor recorded with the courts
Installment debt - ANSWER-a loan with fixed payments over a period of time
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NursingTutor1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
