Hmda - Study guides, Class notes & Summaries

A borrower signs the note and mortgage for a refinance on his principal residence on Thursday, Dec. 31. What is the earliest day the funds for this loan could be disbursed (assuming no bona fide financial hardship)? - Wednesday, Jan. 6 Who manages the National Do Not Call Registry? - Federal Trade Commission What federal legislation regulates credit reporting agencies and lenders concerning credit reporting? - FCRA What is not prohibited to be included in the loan terms for HOEPA covered i...

Purpose of HMDA: - (1) Provide public with info that will help show whether financial institutions are serving the housing credit needs of the neighborhoods and communities in which they are located; AND (2) Help public officials in targeting public investments from the private sector to areas where they are needed Covered Depository Institutions under HMDA - (1) *On the preceding DECEMBER 31ST*, had assets in excess of annually published FFIEC thresholds *(in excess of $44 MILLION -...

Purpose of HMDA: - ANSWER (1) Provide public with info that will help show whether financial institutions are serving the housing credit needs of the neighborhoods and communities in which they are located; AND (2) Help public officials in targeting public investments from the private sector to areas where they are needed Covered Depository Institutions under HMDA - ANSWER (1) *On the preceding DECEMBER 31ST*, had assets in excess of annually published FFIEC thresholds *(in excess of $44 M...

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 ...

Loan Application Register - ANSWER Document used to report home mortgage loans by financial institutions subject to HMDA reporting Depository Institution - ANSWER 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 regula

MORTGAGE LOAN OFFICER HMDA GLBA ECOA FCRA and FACTA QUESTIONS WITH CORRECT ANSWERS!!

What does HMDA stand for? - ANSWER Home Mortgage Disclosure Act The Home Mortgage Disclosure Act is regulation ____ - ANSWER C HDMA requires certain lenders to report data regarding its - ANSWER home purchase and home improvement loan orginated For HMDA purposes, home purchase loans include the ____ of a loan used for home purchase - ANSWER refinancing

MORTGAGE LOAN OFFICER HMDA GLBA ECOA FCRA and FACTA QUESTIONS WITH CORRECT ANSWERS!!

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...

. 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 - ANSWER 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.