Hmda is - Study guides, Class notes & Summaries

NMLS 2023 Exam Questions and Answers All Correct An annual escrow analysis is used to do which of the following? A. Ensure the loan is properly amortized B. Prevent escrow overages C. Reduce burden on the servicer D. Report underwriting errors - Answer-B. Prevent escrow overages The disclosure requirements of RESPA would apply to which of the following loans? A. A loan to purchase 75 acres of land B. A farm loan C. A loan to purchase a property that includes a gas statio...

An Approve/Eligible determination: 1. Is an indication that a property appraised for its sales price 2. Authorization to release funds in a refinance transaction 3. An automated loan approval from the Fannie Mae Du system 4. A recommendation that is received by the Freddie Mac loan prospector automated underwriting system. - 3. An automated loan approval from the Fannie Mae Du system.. this means that the borrower meets the credit requirements and all other loan factors are acceptable. The...

tx Question and answers correctly solved Laissez-faire - correct answer A policy or attitude of letting things take their own course, without interfering. 4 key communication skills: Maintain or enhance customer - correct answer Self esteem - correct answer Equal Credit Opportunity Act (ECOA) - correct answer Designed to make credit available to every financially qualified applicant Home Mortgage Disclosure Act (HMDA) - correct answer Requires lenders to report income a...

What does HMDA stand for? - Home Mortgage Disclosure Act The Home Mortgage Disclosure Act is regulation ____ - C HDMA requires certain lenders to report data regarding its - home purchase and home improvement loan orginated For HMDA purposes, home purchase loans include the ____ of a loan used for home purchase - refinancing The following information must be reported: - -loan number -date of application -type and purpose of loan -owner-occupancy status -loan amount -type of action t...

Loan Application Register - Document used to report home mortgage loans by financial institutions subject to HMDA reporting Depository Institution - Bank, savings association, or credit union with assests OVER 44 million as of 12/31 of the preceding year, had 1 office in an MSA, orginated at least 1 home mortgage loan (1-4 family), and is federally insured or regulated, loan is federally guaranteed, or loan is to be sold to Fannie Mae/Freddie Mac. Non-Depository Institution - Mortgage ...

The administrative authority of the Commissioner includes all but which of the following? - Promulgate rules or regulations implementing the S.A.F.E. Act - Administer, interpret, and enforce the S.A.F.E. Act - Carry out the intentions of the Legislature - Sentencing violators of the S.A.F.E. Act to appropriate prison terms - ANSWER Sentencing violators of the S.A.F.E. Act to appropriate prison terms Which of the following forms of compensation is a violation of RESPA? - A fee paid by...

Prepxl Practice Test 3: Exam Review Questions and answers/ 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 p...

which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? Answer FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the Answer Acceleration Clause at closing a borrower may deposit funds to establish reserves for which of the following? Answer TAXES AND INSURANCE in a qualification of an applicant who receives child support and alimony Answer CHILD SUPPORT...

NMLS VERIFIED COMPLETE PRACTICE QUESTIONS 2024. which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - correct answer FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - correct answer Acceleration Clause at closing a borrower may deposit funds to establish reserves for which of the following? - correct answer TAXES AND INSURANCE in a qualifi...

which federal agency administers Regulation B implementing ECOA, Rgulation C implementig HMDA and Regulation Z implementing TILA? - Answer- FEDERAL RESERVE SYSTEM the clause in a mortgage that allows the lender to foreclose if the borrower defaults is the - Answer- Acceleration Clause at closing a borrower may deposit funds to establish reserves for which of the following? - Answer- TAXES AND INSURANCE in a qualification of an applicant who receives child support and alimony - Answer- C...