HMDA

Question 1

If there is no ____________ there is no HMDA requirements.

Answer 1

Dwelling

Question 2

A loan could fall under HMDA guidelines if the loan proceeds are used for what three things?

Answer 2

Refinance a dwelling secured loan
Purchase a dwelling
Improve a dwelling

Question 3

What are three exemptions to HMDA (do not fall under HMDA guidelines)?

Answer 3

Extensions
Modifications
Applications that don’t include ALIENS

Question 4

Regardless of how an app is taken, HMDA must be ____________ at time of ___________.

Answer 4

Requested, application

Question 5

HMDA information can be denied by a customer (T/F)

Answer 5

True

Question 6

It is not ok to go off of appearance in a face to face loan interview for HMDA information (T/F)

Answer 6

False, it is ok to go off visual observation.