NACA HUD Certification Exam Questions With Solved Solutions 2024.

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