NCCO EXAM 3 WITH CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS LATEST ALREADY
GRADED A+
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Terms in this set (50)
If a credit union is advertising a promotional APR on an a. True, and if the promotional rate is at the opening of a new account the
open-end credit product, the credit union must also credit union must use the term "introductory" or "intro" immediately in front of
include information about when the promotional rate the promotional APR.
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 provide a homeownership e. All of the above
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 $3000 personal line of credit. c. May send the member an adverse action notice combined with the
The credit union wants to counteroffer the member with counteroffer, and if the member does not accept or does not respond to the
a $1500 line of credit. To meet its Regulation B counteroffer, the credit union does not need to send another adverse action
notification requirements, the credit union: notice.
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 an adverse action notice with
all counteroffers.
CORRECTLY WELL DEFINED ANSWERS LATEST ALREADY
GRADED A+
Play your way to mastery with fun games
Match Blocks Charms NEW
Students also studied
Flashcard sets Study guides
CSLB NACCM Exam M-100 Quiz - Contracting Int
Teacher 63 terms Teacher 161 terms Teacher 10 terms Te
Dyt_Tru Preview rtttt444 Preview Sjengpt Preview
Terms in this set (50)
If a credit union is advertising a promotional APR on an a. True, and if the promotional rate is at the opening of a new account the
open-end credit product, the credit union must also credit union must use the term "introductory" or "intro" immediately in front of
include information about when the promotional rate the promotional APR.
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 provide a homeownership e. All of the above
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 $3000 personal line of credit. c. May send the member an adverse action notice combined with the
The credit union wants to counteroffer the member with counteroffer, and if the member does not accept or does not respond to the
a $1500 line of credit. To meet its Regulation B counteroffer, the credit union does not need to send another adverse action
notification requirements, the credit union: notice.
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 an adverse action notice with
all counteroffers.
