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HUD CERTIFICATION EXAM 2024
- Instelling
- HUD CERTIFICATION EXAM
HUD CERTIFICATION EXAM 2024 QUESTIONS AND DETAILED ANSWERS
[Meer zien]Voorbeeld 3 van de 26 pagina's
Voorbeeld 3 van de 26 pagina's
In winkelwagengesponsord bericht van onze partner
Voorbeeld van de inhoud
HUD CERTIFICATION EXAM 2024Which 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 Answer 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 Answer
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 Answer 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 Answer 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 Answer 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 Answer 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 Answer 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 Answer "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.
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