Tentamen (uitwerkingen)
HUD Certification | 90 Question & Answers
- Vak
- Instelling
HUD Certification | 90 Question & Answers
[Meer zien]Voorbeeld 3 van de 18 pagina's
Voorbeeld 3 van de 18 pagina's
In winkelwagen
In winkelwagen
gesponsord bericht van onze partner
3 beoordelingen
Door: leleua1973 • 1 jaar geleden
Door: ashleyhernandez72 • 1 jaar geleden
half the answers don't show....
Door: elzini7 • 1 jaar geleden
Verkoper
Volgen
Studyhall
Ontvangen beoordelingen
Voorbeeld van de inhoud
HUD Certification | 90 Question & AnswersWhich document is most important when working with a client to develop an initial budget
as part of a Client Action Plan?
Pay stub
Retirement plan statement
List of assets
Current lease Correct Ans - Pay stub
A client would like purchase a home within one year. The client is motivated to increase household income as a way to save for a down payment and qualify for a loan. Which is the best solution for the client to reach this goal?
Find a second job
Borrow from retirement fund
Sell major assets
Find a temporary job through a staffing service Correct Ans - Find a second job
A credit report may contain which information?
The number of accounts in collection status
A history of payments on an electric bill
Income history
Criminal record Correct Ans - The number of accounts in collection status
A credit report contains inaccurate information. Which action item should the counselor include in the Client Action Plan?
-Attach a letter to mortgage applications explaining the inaccuracies.
-Investigate the reasons why the inaccuracies occurred to determine the responsible party.
-Include a personal consumer statement on the credit report.
-File a dispute with the appropriate credit reporting agency. Correct Ans - File a dispute with the appropriate credit reporting agency.
Six months ago a client left a job as a reporter to start a business in the retail industry. To prepare to buy a house, the client closed credit card accounts and has been using savings to
pay down credit card debt and collections. The client has not been able to save much for a down payment with all the debt payments but knows about an affordable home-ownership program that only requires a 1% down payment with an FHA loan.
What might result from the client closing the credit card accounts?
-It decreases credit utilization, causing a negative impact on the credit score. -It increases credit utilization, causing a negative impact on the credit score.
-It increases credit utilization, causing a positive impact on the credit score.
-It decreases credit utilization, causing a positive impact on the credit score. Correct Ans - It decreases credit utilization, causing a positive impact on the credit score.
Which action would a client take to improve a credit score?
-Request to expunge public records
-Apply for new credit cards to increase credit
-Cancel all credit cards
-Pay delinquent accounts Correct Ans - Pay delinquent accounts
A client does not receive a written monthly statement from the credit card company. Which
credit law could this omission violate?
-Fair Credit Billing Act
-Fair Credit Reporting Act
-Fair Housing Act
-Fair and Accurate Credit Transactions Act Correct Ans - Fair Credit Billing Act
A client shopping for a mortgage loan presents a housing counselor with an offer from a local mortgage lender. The interest rate on the offer is 7.5% for a 30-year fixed rate mortgage with a 20% down payment required. The counselor reviews the client file and determines the client's credit score is 725 and the client's total debt-to-income ratio is 20%.
The client asks the housing counselor if the offer is a case of illegal predatory lending. How should the housing counselor respond?
-"You have been a victim of predatory lending and should file a report with the Consumer Finance Protection Bureau (CFPB)."
-"The loan seems reasonable. You might do better, but I cannot steer you to any particular loan originator."
-"I am unable to determine whether the loan is predatory, but I suggest you shop around with other lending sources."
-"I cannot offer legal advice, but I would not proceed with the loan." Correct Ans - "I am unable to determine whether the loan is predatory, but I suggest you shop around with other lending sources."
Which action should a counselor recommend a client take first after discovering identity theft?
-File for a name change.
-Apply for a new Social Security number.
-File an identity theft report.
-Purchase identity theft protection. Correct Ans - File an identity theft report. In which situation would a client's responsibilities, recurring costs, and upfront costs be evaluated?
-When considering closing costs
-When choosing a loan officer
-When weighing housing options
-When applying for a loan modification Correct Ans - When weighing housing options
A client works 40 hours a week making $15 an hour. What is the highest monthly mortgage
the client can afford based on income if the client secures a conventional loan?
-$728
-$806
-$936
-$1,118 Correct Ans - $728
Which type of government insured loan was created for financing homes in rural areas?
-VA
-Fannie Mae
-FHA
-USDA Correct Ans - USDA
Which type of assistance administered by a public housing authority allows for location flexibility. A client keeps having budget problems due to unexpected expenses. Which financial tool would best assist this client to prepare for unexpected expenses and avoid increasing credit usage?
-Emergency fund
-Line of credit
-Payday loan
-Retirement savings account Correct Ans - Emergency fund
A client has a monthly household income of $2,300, monthly debt payments of $450, and an
optimal monthly housing ratio of 32%. What is the client's optimal monthly housing payment?
-$592
-$736
-$880
-$1,186 Correct Ans - $736
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper Studyhall. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €14,54. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 81113 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen