HMDA Flashcards
1
Q
If there is no ____________ there is no HMDA requirements.
A
Dwelling
2
Q
A loan could fall under HMDA guidelines if the loan proceeds are used for what three things?
A
Refinance a dwelling secured loan
Purchase a dwelling
Improve a dwelling
3
Q
What are three exemptions to HMDA (do not fall under HMDA guidelines)?
A
Extensions
Modifications
Applications that don’t include ALIENS
4
Q
Regardless of how an app is taken, HMDA must be ____________ at time of ___________.
A
Requested, application
5
Q
HMDA information can be denied by a customer (T/F)
A
True
6
Q
It is not ok to go off of appearance in a face to face loan interview for HMDA information (T/F)
A
False, it is ok to go off visual observation.
