Hud rated a Study guides, Class notes & Summaries

HUD Housing Counseling Exam Question and answers rated A+ 2024 Back-end ratio - correct answer The back-end ratio (or debt-to-income ratio) compares total debt to gross monthly income. The client's only debt is a $435 lease payment, so the $950 mortgage payment brings his total monthly debt to $1,385. He earns $50,000 per year, which equals $4,166.67 per month. The client's total current expenses divided by gross monthly income equals 52%. The client's combined current housing payment and...

HUD Housing Counseling Exam Question and answers rated A+ 2023

HUD housing counselors training Module 1 Question and answers rated A+ 2024the purpose of tracking your money - correct answer to help you achieve your financial goals documents to use when tracking income - correct answer - paychecks - direct deposit slips - if self-employed, income and expenses sheet - if self-employed, profit and loss statements - additional income checks or cash - government benefits letters (SSI, unemployment, etc.) - child support documents - any document t...

Air cylinders rated for 30 minutes of breathing air provide a firefighter with a minimum of 30 minutes of breathing time - False Which statements about SCBA was it straps are true? (Select all that appl - 1. MAKE IT LESS LIKELY FOR THE CYLINDER TO GET CAUGHT ON OBSTRUCTIONS 2. HELP PREVENT BACK INJURIES AND FALLS 3. PREVENT THE SIDE-TO SIDE MOVEMENT OF THE CYLINDER 4. Only units weighing more than 30 pounds (14 kg) need waist straps Positive-pressure SCBA keeps pressure in the face piece s...

HUD Certification Exam Rated A+ 2024 Deed Restrictions Legally enforceable terms that govern the use of real estate Redlining The practice of refusing to make residential loans or imposing more onerous terms on any loans made because of the predominant race, color, national origin, religion, sex, disability, or familial status of the area's residents. Civil Rights Act of 1968 Following the assassination of Dr. Martin Luther King Jr., Congress passed what monumental piece of legislat...

RESPA Exam Review Questions and answers, rated A+ RESPA - -Real Estate Settlement Procedures Act. Enacted in 1974 by HUD. HUD - -Housing and Urban Development. Administers and enforces RESPA and Reg X. CFPB - -Consumer Financial Protection Bureau. Created by Dodd Frank and Consumer Protection act. Purpose is enforcement and rule making authority over RESPA. Purpose of RESPA and REG X - -1)Help Consumers become better shoppers for settlement(closing services) 2)Eliminate Kickbacks and...

NMLS Test Exam Questions with Correct Answers (Rated A+) How long are Loan Estimate terms available? - Answer-10 business days What if the changed circumstance causes third party charges subject to a cumulative 10% tolerance to increase? - Answer-creditor must send a revised Loan Estimate and refund excess money within 60 days Are there any restrictions on how many days before consummation a revised Loan Estimate may be provided? - Answer-- receives revised LE at least 4 business days b...

HECM Practice, Exam Review Questions and answers, rated A+ The HECM Saver was introduced as an option to lower the upfront cost of a HECM by reducing the upfront mortgage insurance premium to: a. 0. b. 0.01% of the Maximum Claim Amount. c. 1% of the Maximum Claim Amount. d. 1.25% of the Maximum Claim Amount. - b If repairs are required but can be completed after closing, the lender will create a repair set-aside in the amount of: a. 15% of the maximum claim amount. b. 100% of the ...