HUD CERTIFICATION 2 LATEST VERSIONS 2024 VERSION A AND B COMPLETE 250 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A

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HUD CERTIFICATION 2 LATEST VERSIONS 2024

VERSION A AND B COMPLETE 250 QUESTIONS AND

CORRECT DETAILED ANSWERS (VERIFIED

ANSWERS) |ALREADY GRADED A

HUD CERTIFICATION VERSION A

If the client submits a loan application, which document should she

receive within three business days?

A. Review Later

B. Purchase Agreement

C. Loan Estimate

D. Closing Disclosure

E. Uniform Residential Loan Application - ANSWER- C. Loan Estimate

What does the Executive Order 11063 prohibit? - ANSWER- Prohibits

discrimination in the sale, leasing, rental or other disposition or

properties and facilities owned or operated be the Federal Government

or provided federal funds.

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What was the goal for the Housing and Urban Development Ac? -

ANSWER- With the goal of providing government-insured loan to

moderate income people.

What does the Dodd-Frank Act do? - ANSWER- • Promotes financial

stability and prevents abusive practices

•Changed pay structure for MLOs

•Imposed the appraisal management company

• Passed in July 2010

(Robin Hood of Laws)

Home Equity Line of Credit (HELOC) - ANSWER- An open-ended

loan which can be drawn from when needed, up to the credit limit, and

uses available equity in a residence as collateral.

FHA 203k Loan - ANSWER- Can be an initial loan to purchase a home

or for home improvements. Purchase a home for major repairs.

Home Equity Loan (HEL) - ANSWER- Best suited for a one time

expense. Credit line offered by mortgage lenders that allows a

homeowner to borrow money against the equity in their home.

A client's child and a friend are severely injured in the client's home.

Which claim is most likely covered under her homeowners' insurance?

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A. A claim to repair damage to the home

B. A claim for medical payments of the client's child only

C. A claim for medical payments of the friend only

D. A claim for medical payments for both children - ANSWER- C. A

claim for medical payments of the friend only

Which is the most likely consequence if the client misses one mortgage

payment?

A. A judgement may be filed

B. Late fees may be charged

C. Potential loss of home through foreclosure

D. A lien may be placed on the home - ANSWER- B. Late fees may be

charged

Which notice must the servicer send the client once the mortgage is

delinquent and before 45 days past due?

A. Notice of homeownership counseling availability

B. Notice of default

C. Notice of foreclosure

D. Notice of intent to accelerate the loan - ANSWER- A. Notice of

homeownership counseling availability

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Which term would most accurately describe the client's loan status at

three months late in payment?

A. Default

B. Foreclosure

C. Delinquent

D. Imminent default - ANSWER- A. Default

Mortgage loans are typically considered in default when a payment have

not been made after 60-90 days.

In which section of the credit report will the client's late payments be

displayed?

A. Account information

B. Public records

C. Personal information

D. Consumer rights - ANSWER- A. Account Information

Where is this client in the foreclosure timeline if she has missed three

payments and lives in a non-judicial state?

A. The client is in default.

B. The client is delinquent.

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