Under HMDA, which of the following data points is NOT required to be collected and reported?
Correct Answer
D) Applicant's employment history
While employment history may be considered in underwriting, it is not a specific data point required to be collected and reported under HMDA. Regulation C requires reporting of income, loan-to-value ratio, and credit score, among other specific data points.
Why This Is the Correct Answer
While employment history may be considered in underwriting, it is not a specific data point required to be collected and reported under HMDA. Regulation C requires reporting of income, loan-to-value ratio, and credit score, among other specific data points.
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A borrower provides a flood insurance policy with a $150,000 building coverage limit for a property with a $200,000 outstanding loan balance. The property's replacement cost is $300,000. What is the minimum acceptable coverage?
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An MLO pulls a credit report for employment screening of a potential loan officer candidate. The credit report shows the candidate has poor credit. Six months later, the same candidate applies for a mortgage with the company. Can the MLO use the employment credit report information for the mortgage decision?