Finance
Under the Community Reinvestment Act (CRA), lenders are required to:
AOffer mortgages at below-market rates to low-income borrowers
BMeet the credit needs of all segments of their communities, including low- and moderate-income areas✓ Correct
CProvide free financial counseling to first-time homebuyers
DCap origination fees on government-backed loans
Explanation
The Community Reinvestment Act encourages depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations.
Related Alaska Finance Questions
- Under RESPA (Real Estate Settlement Procedures Act), a lender may require the borrower to establish an escrow account for:
- A mortgage 'discount point' paid at closing has the effect of:
- An adjustable-rate mortgage (ARM) in Alaska that has a '5/1' structure means:
- RESPA requires that borrowers receive a Loan Estimate within how many business days of a complete loan application?
- An Alaska veteran purchases a home using a VA loan. Which statement about VA loans is correct?
- The Truth in Lending Act (TILA) requires lenders to disclose the:
- The Truth-in-Lending Act (TILA) requires lenders to disclose the:
- What does 'points' mean in the context of Alaska real estate financing?
Practice More Alaska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →