NCCO Exam 3 EXAM ELABORATIONS
QUESTIONS AND VERIFIED ANSWERS 2025
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Terms in this set (50)
,If a credit union is a. True, and if the promotional rate is at the opening of
advertising a promotional a new account the credit union must use the term
APR on an open-end "introductory" or "intro" immediately in front of the
credit product, the credit promotional APR.
union must also include
information about when
the promotional rate ends
and the APR that will
apply after the end of the
promotional period.
a. True, and if the
promotional rate is at the
opening of a new account
the credit union must use
the term "introductory" or
"intro" immediately in front
of the promotional APR.
b. True, but this
requirement only applies
to home equity lines of
credit (HELOCs).
c. False, this requirement
only applies if the credit
union uses the term "fixed"
in the advertisement.
d. False, the credit union
only needs to include this
information on internet
advertisements.
,Lenders are required to e. All of the above
provide a homeownership
counseling disclosure,
listing ten HUD approved
counseling organizations
in order of proximity to
the borrower's current zip
code, to applicants for
which of the following
types of federally-related
mortgage loans? Choose
the best answer.
a. Purchase-money
mortgages
b. Refinances
c. Closed-end home
equity loans
d. Home equity lines of
credit (HELOCs)
e. All of the above
, A member applied for a c. May send the member an adverse action notice
$3000 personal line of combined with the counteroffer, and if the member
credit. The credit union does not accept or does not respond to the
wants to counteroffer the counteroffer, the credit union does not need to send
member with a $1500 line another adverse action notice.
of credit. To meet its
Regulation B notification
requirements, the credit
union:
a. Must send the member
an adverse action notice,
which cannot be
combined with the
counteroffer.
b. May send the member
an adverse action notice
combined with the
counteroffer, but if the
member does not accept
or does not respond to
the counteroffer, the
credit union must send
another adverse action
notice.
c. May send the member
an adverse action notice
combined with the
counteroffer, and if the
member does not accept
or does not respond to
the counteroffer, the
credit union does not
need to send another
adverse action notice.
d. Must send the member
QUESTIONS AND VERIFIED ANSWERS 2025
UPDATE | 100% SOLVED!!
Save
Terms in this set (50)
,If a credit union is a. True, and if the promotional rate is at the opening of
advertising a promotional a new account the credit union must use the term
APR on an open-end "introductory" or "intro" immediately in front of the
credit product, the credit promotional APR.
union must also include
information about when
the promotional rate ends
and the APR that will
apply after the end of the
promotional period.
a. True, and if the
promotional rate is at the
opening of a new account
the credit union must use
the term "introductory" or
"intro" immediately in front
of the promotional APR.
b. True, but this
requirement only applies
to home equity lines of
credit (HELOCs).
c. False, this requirement
only applies if the credit
union uses the term "fixed"
in the advertisement.
d. False, the credit union
only needs to include this
information on internet
advertisements.
,Lenders are required to e. All of the above
provide a homeownership
counseling disclosure,
listing ten HUD approved
counseling organizations
in order of proximity to
the borrower's current zip
code, to applicants for
which of the following
types of federally-related
mortgage loans? Choose
the best answer.
a. Purchase-money
mortgages
b. Refinances
c. Closed-end home
equity loans
d. Home equity lines of
credit (HELOCs)
e. All of the above
, A member applied for a c. May send the member an adverse action notice
$3000 personal line of combined with the counteroffer, and if the member
credit. The credit union does not accept or does not respond to the
wants to counteroffer the counteroffer, the credit union does not need to send
member with a $1500 line another adverse action notice.
of credit. To meet its
Regulation B notification
requirements, the credit
union:
a. Must send the member
an adverse action notice,
which cannot be
combined with the
counteroffer.
b. May send the member
an adverse action notice
combined with the
counteroffer, but if the
member does not accept
or does not respond to
the counteroffer, the
credit union must send
another adverse action
notice.
c. May send the member
an adverse action notice
combined with the
counteroffer, and if the
member does not accept
or does not respond to
the counteroffer, the
credit union does not
need to send another
adverse action notice.
d. Must send the member
