*Sec 1-Page 113 2

Quiz Summary

0 of 9 Questions completed

Questions:

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Quiz complete. Results are being recorded.

Results

0 of 9 Questions answered correctly

Your time:

You have reached 0 of 0 point(s), (0)

Current
Review
Answered
Correct
Incorrect

Question 1 of 9

1. Question
A mortgage lender located in a metropolitan statistical area (MSA) originates hundreds of home purchase and home improvement loans each year. The lender is informed that it must submit annual reports detailing its lending activity to its federal supervisory agency. Which federal regulation imposes this reporting requirement?
- A) Regulation B implementing ECOA
- B) Regulation X implementing RESPA
- C) Regulation C implementing HMDA
- D) Regulation Z implementing TILA
Correct

Incorrect
Question 2 of 9

2. Question
A lender receives applications throughout the year. Some loans are approved and funded, some are denied, and others are withdrawn by applicants before a decision is made. Which transactions must generally be included in the lender’s HMDA reporting?
- A) Only funded loans
- B) Only denied applications
- C) Only purchased loans
- D) Loan originations, denied applications, withdrawn applications, and purchased loans
Correct

Incorrect
Question 3 of 9

3. Question
During a compliance examination, a regulator reviews the information reported on a lender’s HMDA Loan/Application Register. Which borrower and property information would the regulator expect to find?
- A) Borrower bank account balances and net worth
- B) Property location, applicant race or national origin, gender, and income
- C) Borrower tax returns and W-2 forms
- D) Loan officer compensation records
Correct

Incorrect
Question 4 of 9

4. Question
A lender is preparing its HMDA submission for loans originated, purchased, denied, or withdrawn during the previous calendar year. By what date must the lender generally submit the information to its supervisory agency?
- A) January 31
- B) February 15
- C) March 1
- D) April 15
Correct

Incorrect
Question 5 of 9

5. Question
A compliance officer asks an employee which reporting format is used to submit HMDA data. Which response is correct?
- A) Uniform Residential Loan Application (URLA)
- B) Loan Estimate (LE)
- C) Closing Disclosure (CD)
- D) HMDA Loan/Application Register (HMDA-LAR)
Correct

Incorrect
Question 6 of 9

6. Question
A lender originates a first-lien home purchase loan with an APR that exceeds the applicable Treasury yield by 3.25 percentage points. Under HMDA reporting requirements, what action must the lender take?
- A) Report the rate spread because it exceeds the threshold for first-lien loans
- B) Report the rate spread only if the loan is FHA-insured
- C) No reporting is required until the spread reaches 5 percentage points
- D) No reporting is required because only subordinate liens are subject to rate-spread reporting
Correct

Incorrect
Question 7 of 9

7. Question
A lender originates a subordinate-lien dwelling-secured home improvement loan with an APR that exceeds the applicable Treasury yield by 4.75 percentage points. What is the HMDA rate-spread reporting requirement?
- A) The rate spread must be reported because it exceeds the first-lien threshold
- B) The rate spread does not have to be reported because it is below the 5-percentage-point subordinate-lien threshold
- C) The loan must be denied
- D) The lender must charge a lower APR
Correct

Incorrect
Question 8 of 9

8. Question
When determining whether a loan meets the HMDA rate-spread reporting threshold, which Treasury yield must the lender use?
- A) The Treasury yield in effect on the loan closing date
- B) The Treasury yield in effect on the first day of the calendar year
- C) The Treasury yield for securities of a comparable maturity as of the 15th day of the applicable month
- D) The Treasury yield selected by the lender
Correct

Incorrect
Question 9 of 9

9. Question
After a lender submits HMDA data to its supervisory agency, which entity processes the information on behalf of the FFIEC member agencies and HUD?
- A) Consumer Financial Protection Bureau
- B) Federal Housing Administration
- C) Federal Trade Commission
- D) Federal Reserve Board
Correct

Incorrect

Quiz Summary

Information

Results

Results

Categories

1. Question

2. Question

3. Question

4. Question

5. Question

6. Question

7. Question

8. Question

9. Question