Exam (elaborations)
HUD CERTIFICATION EXAM QUESTIONS 2024
- Course
- Institution
HUD CERTIFICATION EXAM 2024
[Show more]
Seller
Follow
TUTORWAC
Reviews received
Content preview
HUD CERTIFICATION EXAM 2024Which document is most important when working with a client
to develop an initial budget as part of a Client Action Plan?
Pay stub
Retirement plan statement
List of assets
Current lease Correct Answer Pay stub
A client would like purchase a home within one year. The client
is motivated to increase household income as a way to save for
a down payment and qualify for a loan. Which is the best
solution for the client to reach this goal?
Find a second job
Borrow from retirement fund
Sell major assets
Find a temporary job through a staffing service Correct Answer
Find a second job
A credit report may contain which information?
The number of accounts in collection status
A history of payments on an electric bill
Income history
Criminal record Correct Answer The number of accounts in
collection status
A credit report contains inaccurate information. Which action
item should the counselor include in the Client Action Plan?
-Attach a letter to mortgage applications explaining the
inaccuracies.
-Investigate the reasons why the inaccuracies occurred to
determine the responsible party.
,-Include a personal consumer statement on the credit report.
-File a dispute with the appropriate credit reporting agency.
Correct Answer File a dispute with the appropriate credit
reporting agency.
Six months ago a client left a job as a reporter to start a
business in the retail industry. To prepare to buy a house, the
client closed credit card accounts and has been using savings
to pay down credit card debt and collections. The client has not
been able to save much for a down payment with all the debt
payments but knows about an affordable home-ownership
program that only requires a 1% down payment with an FHA
loan.
What might result from the client closing the credit card
accounts?
-It decreases credit utilization, causing a negative impact on the
credit score.
-It increases credit utilization, causing a negative impact on the
credit score.
-It increases credit utilization, causing a positive impact on the
credit score.
-It decreases credit utilization, causing a positive impact on the
credit score. Correct Answer It decreases credit utilization,
causing a positive impact on the credit score.
Which action would a client take to improve a credit score?
-Request to expunge public records
-Apply for new credit cards to increase credit
-Cancel all credit cards
-Pay delinquent accounts Correct Answer Pay delinquent
accounts
, A client does not receive a written monthly statement from the
credit card company. Which credit law could this omission
violate?
-Fair Credit Billing Act
-Fair Credit Reporting Act
-Fair Housing Act
-Fair and Accurate Credit Transactions Act Correct Answer Fair
Credit Billing Act
A client shopping for a mortgage loan presents a housing
counselor with an offer from a local mortgage lender. The
interest rate on the offer is 7.5% for a 30-year fixed rate
mortgage with a 20% down payment required. The counselor
reviews the client file and determines the client's credit score is
725 and the client's total debt-to-income ratio is 20%.
The client asks the housing counselor if the offer is a case of
illegal predatory lending. How should the housing counselor
respond?
-"You have been a victim of predatory lending and should file a
report with the Consumer Finance Protection Bureau (CFPB)."
-"The loan seems reasonable. You might do better, but I cannot
steer you to any particular loan originator."
-"I am unable to determine whether the loan is predatory, but I
suggest you shop around with other lending sources."
-"I cannot offer legal advice, but I would not proceed with the
loan." Correct Answer "I am unable to determine whether the
loan is predatory, but I suggest you shop around with other
lending sources."
Which action should a counselor recommend a client take first
after discovering identity theft?
-File for a name change.
-Apply for a new Social Security number.
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 TUTORWAC. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76669 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now