Hmda reg c - Study guides, Class notes & Summaries

Prequalification an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lenders standards USDA ratio 29/41 FHA ratio 31/43 Asset based loan -loans based on borrowers equity -bad when lenders fail to consider ability to repay High Cost Loan Reg Z - Sec. 1026.32 -APR will exceed by more than 6.5% for first lien loans or by more than 8.5% for subordinate -APOR - average prime offer rate 1. 5% 2. 6.5% 3. 8.5% RE...

Real Estate Settlement Procedures Act Answer Regulation X 1974 RESPA Answer Real Estate Settlement Procedures Act Equal Credit Opportunity Act Answer Regulation B 1974 ECOA Answer Equal Credit Opportunity Act Truth-in-Lending Act Answer Regualtion Z 1968 TILA Answer Truth-in-Lending Act Truth-in-Lending refers to Advertising in what ways? Answer Inform consent, terms and cost and credit. Home Owners Protection Act Answer Reg Z Section 32 Reg Section 32 Answer HOEPA Sec...

NMLS SAFE EXAM PREP With Correct Solutions 2024

ECOA (Reg B) Equal Credit Opportunity Act (Reg B) Prohibit discrimination HMDA Home Mortgage Disclosure Act (Reg C) requires lenders to report public loan data on both approved and denied loans FCRA Fair Credit Reporting Act (Reg V) promotes accuracy and ensures privacy of consumer credit information RESPA Real Estate Settlement Procedure Agreement (Reg X) disclosure laws

HOME MORTGAGE DISCLOSURE ACT (HMDA) Q’S & A’S!!

Which of the following best describes a 2nd mortgage loan? (A) A conventional mortgage that is conforming (B) A conventional mortgage that is non-conforming (C) A conforming loan that is non-conventional (D) A non-conforming loan that is non-conventional Correct Answer: (B) A conventional mortgage that is non-conforming WHY? Non-conforming because it is a Second Mortgage and that falls outside the Frannie Mae - Freddie Mac guidelines It is important to understand that a conforming ...

Federal Mortgage Related Law question and answers graded A+ 2023Real Estate Settlement Procedures Act - correct answer Regulation X 1974 RESPA - correct answer Real Estate Settlement Procedures Act Equal Credit Opportunity Act - correct answer Regulation B 1974 ECOA - correct answer Equal Credit Opportunity Act Truth-in-Lending Act - correct answer Regualtion Z 1968 TILA - correct answer Truth-in-Lending Act Truth-in-Lending refers to Advertising in what ways? - correct answer ...

NMLS Test Questions with accurate answers, Graded A. 2022/2023. Document Content and Description Below NMLS Test Questions with accurate answers, Graded A. 2022/2023. If an application for credit is DENIED based on the appraisal under ECOA (Reg B), how many days does the borrower have to request a copy and how many days does the lender have to deliver? - The borrower has 90 to request and the lender as 30 days to deliver. Appraisal equals? - Value What law allows the borrower to challenge the ...

NMLS SAFE EXAM PREP QUESTIONS AND ANSWERSNMLS SAFE EXAM PREP QUESTIONS AND ANSWERS PMI - Answer-Private mortgage insurance TILA deals with - Answer-advertising of loans, cerdit, APR PMI protects who - Answer-The Lender SAFE - Answer-Secure And Fair Enforcement Act HERA - Answer-Housing and Economic Recovery Act HERA created what act - Answer-SAFE Act FCRA - Reg V - Answer-Fair Credit Reporting Act

ECOA - REG B Equal Credit Opportunities Act If App for Cedit is Denied based on Appraisal, Borrower has 90 days to request a copy then Lender has 30 days to deliver HMDA - REG C Home Mortgage Disclosure Act Found in: Section 10 of 10-03 Loan App Government Monitoring Section Eliminates / Identifies Possible Discrimination RESPA - REG X Real Estate Settlement Procedures Act TIL/TILA - REG Z Truth in Lending Act (2015) Deals with: (Of Consumer Loans) Credit ...