Hmda certification - Study guides, Class notes & Summaries

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...

NMLS S.A.F.E. Exam 6 Questions & Answers 2023/2024 _____ are responsible for ensuring that loan applicants meet the requirements established by lenders and investors for loan programs. A. Loan processors B. Loan originators C. Investors D. Underwriters - ANSWER-D. Underwriters Which of the following is considered "reasonably reliable" evidence to verify the repayment ability of a borrower? A. IRS W-2s, tax returns, and payroll receipts B. IRS W-2s, tax receipts, and bank depo...

Module 1 NMLS exam questions with complete answers latest update A permissible purpose is required... - Answer-When obtaining a credit report. Under FCRA, lenders and mortgage progessionals must provide the consumer reporting agency with a certification of permissible purpose in order to pull credit. Loan qualification is considered a permissible purpose. The Gramm-Leach Bliley Act does not protect... - Answer-Publicly-available information. This includes information that can be found in g...

NMLS Test Prep CompuCram Test Questions with 100% Correct Answers 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)? - Correct Answer️️ -Wednesday, Jan. 6 Who manages the National Do Not Call Registry? - Correct Answer️️ -Federal Trade Commission What federal legislation regulates credit reporting agencies and lenders ...

Module 1: Federal Mortgage-Related Laws question n answers graded A+ 2023What are the penalties for violation of RESPA/Section - correct answer Prohibits referral fees and other forms of kickbacks/fee splitting Penalties include fines of up to $10,000 and up to one year in prison Disclosures due within three business day of application - correct answer - Loan Estimate - Your Home Loan Toolkit - CHARM Booklet - Variable-rate program disclosures - Home equity plan disclosures - Notice ...

In which of the following situations is a bank required by federal regulation to verify and record the identity of the customer? a. An established customer asks to withdraw $5,000 from his checking account and asks that the withdrawal be issued in the form of a cashier's check b. An established customer purchases $2,000 worth of traveler's checks using cash to pay for the purchase c. An individual uses cash to purchase traveler's checks totaling $2,000 and, at the same time, uses cash to p...

What are the penalties for violation of RESPA/Section 8? Correct Answer: Section 8 of RESPA prohibits referral fees and other forms of kickbacks/fee splitting. Penalties includes fines of up to $10,000 and up to one year in prison. Disclosures due within three business days of loan application... Correct Answer: Loan Estimate Your Home Loan Toolkit CHARM Booklet Variable-rate program disclosures Home equity plan disclosures Notice of Right to Receive an Appraisal Report Definition o...

_____ are responsible for ensuring that loan applicants meet the requirements established by lenders and investors for loan programs. A. Loan processors B. Loan originators C. Investors D. Underwriters - Answer - D. Underwriters Which of the following is considered "reasonably reliable" evidence to verify the repayment ability of a borrower? A. IRS W-2s, tax returns, and payroll receipts B. IRS W-2s, tax receipts, and bank deposit receipts C. Previous mortgage statements and canc...

RESPA - ANSWER-Real Estate Settlement Procedures Act; Allows borrowers to receive pertinent and timely disclosure regarding the nature and costs of the real estate settlement (closing) process; Enacted in 1974, the law was originally proposed to add more transparency to costs associated with certain real estate transactions and to eliminate abusive practices, such as kickbacks, which artificially increase the cost of settlement services. When RESPA must be obeyed - ANSWER-When a loan is a fed...

ECOA is Regulation ______ - ANSWER-Regulation B TILA is administered by ______ - ANSWER-CFPB HOEPA considers a loan to be high cost if total charges to borrower exceeds ______ % of loan amount? - ANSWER-5% For reverse mortgage, TILA disclosure must be delivered how many days prior to closing? - ANSWER-7 days Home Mortgage Disclosure Act (HMDA) implemented by _____ - ANSWER-FRB Loan amount, gender, race, & age; which is not required on HMDA? - ANSWER-Age HMDA does not - ANSWER-S...