Mortgage Home Loans
NMLS #324982 real estate finance
6/29/2017
HMDA Quiz
If
an applicant chooses not to provide demographic information for an application
taken in person, the loan originator must:
Correct. If
an applicant chooses not to provide demographic information for an application
taken in person, the loan originator must note this fact on the form and then
determine the applicant’s ethnicity, race, and sex based on visual observation
or surname.
In
2018, a non-depository institution will be subject to HMDA’s data collection and
reporting requirements if it had a home or branch office in an MSA on the
preceding December 31 and:
Correct. If a
non-depository institution meets the loan-volume threshold and had a home or
branch office in an MSA on the preceding December 31, it will be subject to
HMDA’s data collection and reporting requirements. In 2018, there will no longer
be an asset-size threshold for non-depository institutions.
The
practice of refusing to offer home loans to residents living in particular areas
is known as:
Correct. The
practice of refusing to offer home loans to residents living in particular areas
is known as redlining.
The
_______ is responsible for enforcing the Home Mortgage Disclosure Act and for
writing implementing regulations, which are known as
__________.
Correct. The
CFPB is the agency that is responsible for implementing and enforcing HMDA, and
the implementing regulations for HMDA are known as Regulation C.
Each
of the following descriptions of ethnicity is found on the HMDA data collection
form; however, if a loan applicant refuses to self-identify his/her ethnicity, a
loan originator is limited to choosing which of the following aggregated
descriptions based on the applicant’s appearance or surname?
Correct. When
collecting data on the basis of visual observation or surname, loan originators
must limit their selections to the aggregated categories. When an applicant
elects not to self-identify his/her ethnicity, the loan originator is limited to
reporting the applicant’s ethnicity as “Hispanic or Latino” or “Not Hispanic or
Latino.”