Champions Finance Exam Questions & Answers Graded A+

Three of the major credit data repositories: - ANSWER-Experian, Equifax, TransUnion The process of creating a new mortgage loan: - ANSWER-Origination Loan application to determine the risk involved for lender is defined as: - ANSWER-Underwriting Fiscal policy, which is related to Federal Government spending is approved by: - ANSWER-US Congress The US Treasury is responsible for raising money; funds can be raised by: - ANSWER-Raising taxes Increasing borrowing Why do lenders bear less risk because of FHA? - ANSWER-FHA will pay the claim if homeowner becomes default. Federal Fair Housing statues prohibits discrimination based on: - ANSWER-Race, color, national origin, sex religion, families with children, and disabilities. All residential mortgage loan originators must now be registered with: - ANSWER-National Mortgage Licensing System and Registry. (NMLSR). A significant federal law that affects lenders is the: - ANSWER-Community Reinvestment Act The Home Mortgage Disclosure Act (HMDA) was enacted by Congress in: - ANSWER-1975, implemented by the Federal Reserve Board's Regulation C. On July 21, 2011.