Naca Hud Certification Exam Questions And Answers 100% Correct

Equal Credit Opportunity Act {Ans: prohibits lenders from using discriminatory practice when dealing with current and potential borrowers; title 7 of the consumer credit protection act; prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights;}Fair Housing Act {Ans: The federal law that prohibits discrimination in housing sales, rentals, financing, and insurance based on race, color, religion, sex, disability, familial status, and national origin}Active debts {Ans: debts that the Client is currently paying or that are in a deferment or forbearance status and will become active in the next 12 months}USDA Loan Ratios and Other Parameters {Ans: · Front-End/Housing Ratio - 29% · Back-End/Debt-to-Income Ratio- 41% · Mortgage Insurance Upfront Charge - 2% Guarantee Fee · Mortgage Insurance Annual - 0.5 · Credit Score - 640 · Down Payment Required - None · Factors - Term can be 33 to 38 years}revolving debt {Ans: Automobile leases are considered what type of debt?}Negative Amortization {Ans: when the loan principal increases over time even though you are making payments}counselor {Ans: The main role of the __________ is to assess