Fair lending - Study guides, Class notes & Summaries

Mortgage loan originators who make cold calls must comply with the requirements of the National DoNot-Call rules. The loan originator needs to update any download of the registry at least every: 31 days 18 Months 7 days Year - 31 Days The appraisal approach that is used as the best indicator of value for existing properties is: Similar property approach Fair market value approach Market data approach Neighborhood value approach - Market data approach The Truth in Lending Act is contain...

What is the pass rate for the NMLS Test and how long is it? - ANSWER 75% of 115 questions, 125 questions long with 10 ungraded What is the biggest thing to remember about taking the test? - ANSWER Read the questions twice, slowly, but do not take over 30 seconds per question the first time through. What is the requirement under Fair Lending, Fair Housing, and ECOA? - ANSWER All consumers have the right to apply for a loan unless they are under 18 years of age

NYREI School Exam Questions and Answers Latest Version Graded A+ What is the minimum licensing requirement to sell commercial real estate in New York? a real estate salesperson's license What is the preferred method of creating an agency relationship? expressed agency An amenity purchaser occupies or uses the purchased property Condominium units are considered _____ property and are conveyed by _____. real / deed A salesperson who is an independent contractor is not subject to withholding r...

What are the two biggest characteristics of land that have the largest impact on market value? - Answer- Uniqueness and Immobility FISCAL POLICY = - Answer- GOVERNMENTAL CONTROLS Know this for reals! ANYTIME you see the government mentioned in a supply and demand question what is it affecting? - Answer- Supply The agency responsible for the enforcement of the Fair Housing Act is the - Answer- Department of Housing and Urban Development. It is illegal for a lending institution to r...

Which of the following is part of RECA's commitment to consumer protection? - AnswerWhat are some benefits that mortgage brokerage trade associations offer their members? - Answer- Licensing Standards for mortgage industry members Which entity has the authority to amend the Act? - Answer- Provincial Legislators Which of the following represents an accountability mechanism that RECA must comply with under the Act? - Answer- Previous Fiscal year In addition to mortgage brokerage trade associ...

CHAPTER 1 ACCOUNTING IN ACTION CHAPTER LEARNING OBJECTIVES 1. Identify the activities and users associated with accounting. Accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users. The major users and uses of accounting are as follows: (a) Management uses accounting information to plan, organize, and run the business. (b) Investors (owners) decide whether to buy, hold, or sell their financial interests on th...

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

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

20-HR SAFE Comprehensive Mortgage Loan Originator Fundamentals HW 100% Pass Mortgage loan originators who make cold calls must comply with the requirements of the National Do-Not-Call rules. The loan originator needs to update any download of the registry at least every: 31 days 18 Months 7 days Year 31 Days The appraisal approach that is used as the best indicator of value for existing properties is: Similar property approach Fair market value approach Market data approac...

ACME Home Loans is a private lender with a strict policy of limiting originations to conventional qualified mortgages with minimum loan amounts of $300,000. To ensure compliance with this policy, loan originators are instructed to refuse to accept applications from consumers who want loan amounts of less than $300,000, or who have debt-to-income ratios of 44% or more. This policy is: - Not a violation of any federal fair lending law - Potentially unlawful under the disparate impact theory ...