Champions Finance Questions And Answers 100% Correct!

Three of the major credit data repositories: - ANSWERSExperian, Equifax, TransUnion The process of creating a new mortgage loan: - ANSWERSOrigination Loan application to determine the risk involved for lender is defined as: - ANSWERSUnderwriting Fiscal policy, which is related to Federal Government spending is approved by: - ANSWERSUS Congress The US Treasury is responsible for raising money; funds can be raised by: - ANSWERSRaising taxes Increasing borrowing Why do lenders bear less risk because of FHA? - ANSWERSFHA will pay the claim if homeowner becomes default. Federal Fair Housing statues prohibits discrimination based on: - ANSWERSRace, color, national origin, sex religion, families with children, and disabilities. All residential mortgage loan originators must now be registered with: - ANSWERSNational Mortgage Licensing System and Registry. (NMLSR). A significant federal law that affects lenders is the: - ANSWERSCommunity Reinvestment Act The Home Mortgage Disclosure Act (HMDA) was enacted by Congress in: - ANSWERS1975, implemented by the Federal Reserve Board's Regulation C. On July 21, 2011. The Texas Department Of Housing and Community Affairs (TDHCA) is an agency responsible for: - ANSWERSAffordable housing The secondary market: - ANSWERSExists for the purchase and sale of existing mortgages to investors. Provides greater liquidity to residential real estate. Yield: - ANSWERSMoney earned on an investment. Two major purchasers Of mortgages in secondary market: - ANSWERSFannie Mae & Freddie Mac On September 7, 2008, Federal Housing Agency (FHFA) placed Fannie Mae & Freddie Mac in: - ANSWERSConservatorship