And hmda - Study guides, Class notes & Summaries

In January of 2020, Wella and Kip agreed to purchase a home at a purchase price of $546,300. They would like to hold onto as much of their savings as they can, but they have chosen to make a down payment sufficient enough to qualify for a conforming loan. What is the minimum down payment they can make to reach the conforming loan limit but still retain savings? - $47,900 - $35,900 - $95,800 - $54,900 - $35,900. The down payment in this scenario will be $35,900. This is just enough to kee...

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 ...

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...

ECOA is Regulation ______ - Regulation B TILA is administered by ______ - CFPB HOEPA considers a loan to be high cost if total charges to borrower exceeds ______ % of loan amount? - 5% For reverse mortgage, TILA disclosure must be delivered how many days prior to closing? - 7 days Home Mortgage Disclosure Act (HMDA) implemented by _____ - FRB Loan amount, gender, race, & age; which is not required on HMDA? - Age HMDA does not - Set lending quotas for protected classes Bankruptcies are ke...

MLO SAFE NMLS Test Practice Questions 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 purcha...

HMDA Exam Review Questions and answers, VERIFIED/ 1. Which type of loan transaction is NOT covered under the HMDA reporting requirements? A. A loan secured by a multifamily dwelling B. An unsecured home improvement loan C. A loan to purchase a residential lot D. Both b and c - -D. Both b and c Neither unsecured home improvement loans nor loans on unimproved land are covered transactions. As of January 1, 2018, HMDA coverage requires a lien on a dwelling. 2. In a review of a bank's ho...

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...

ECOA - Reg B - Answer-Equal Credit Opportunity Act HMDA - Reg C - Answer-Home Mortgage Disclosure Act RESPA - Reg X - Answer-Real Estate Settlement Procedures Act TILA - Reg Z - Answer-Truth In Lending Act HPA - Answer-Home-owner Protection Act PMI is required when - Answer-Borrower puts less than 20% down ECOA deals with - Answer-credit applications HMDA allows to see - Answer-where possible discrimination takes place Where is HMDA found - Answer-Section 10 of the 1003 l...

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...

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...