And hmda Study guides, Class notes & Summaries

Dodd-Frank Act Answer Which federal act created the Consumer Financial Protection Bureau? QUESTION RATIONALE Title X of the Dodd-Frank Act creates the Consumer Financial Protection Bureau (CFPB) as an independent entity with rule-making and enforcement authority over many consumer financial laws. RESPA (Real Estate Settlement Procedures Act) Answer The Consumer Financial Protection Bureau on October 3, 2015, implemented the newly combined disclosure that meets the disclosure requirements ...

Federal law granting citizenship to former slaves; passed over Johnson's veto. (Race and Color) - Answer Civil Rights Act of 1866 banned discrimination in the rental or sale of housing (Race, color, religion, national origin) - Answer Fair Housing Act of 1968 added gender (sex) to the protected classes - Answer Housing and Community Development Act of 1974 Added Disability and familial status to protected classes. - Answer Fair Housing Amendments Act of 1988 Requires lenders...

1.The practice of getting people to sell their homes at bargain prices by suggesting that certain ethnic groups are going to move into the area is nicknamed: 1.Price fixing 2.Redlining 3.Steering 4.Blockbusting - Correct Choice:4 2.You and the borrower believe an Adjustable Rate Mortgage would be best for the borrower. What is the name of the booklet you are required to give? 1.CHARM Booklet 2.ARM Disclosure 3.Fair Lending Practices Booklet 4.RESPA Booklet - Correct Choice:1 3.How many d...

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...

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...

. 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.

NMLS PRACTICE QUESTIONS WITH ALL CORRECT ANSWERS 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 w...

Taking advantage of ill-informed consumers through excessively high fees, misrepresented loan terms, frequent refinancing that does not benefit the borrower and other prohibited acts is called __________________________. - Predatory Lending. RESPA-Real Estate Settlement Procedures Act - The Federal Statute that deals with the settlement of residential mortgage loans. RESPA's section 9 Prohibits - Home sellers from requiring home buyers to purchase title insurance from a particular company...

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...

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...