Under the Home Mortgage Disclosure Act (HMDA), lenders are required to:
Why Collect and disclose data on mortgage applications, originations, and denials by race, ethnicity, and geography Is Correct
Answer B: Collect and disclose data on mortgage applications, originations, and denials by race, ethnicity, and geography
Exam Tip: Finance
Finance questions often involve calculations. Master the T-bar method, understand the difference between conventional and government-backed loans, and know key ratios like LTV and DTI.
Key Finance Terms in This Question
People Also Study
Related Alaska Questions
- The Home Mortgage Disclosure Act (HMDA) requires lenders to:Finance
- The Truth in Lending Act (TILA) requires lenders to disclose the:Finance
- The Truth in Lending Act (TILA) requires lenders to disclose the annual percentage rate (APR). The APR differs from the note rate because:Finance
- The Truth in Lending Act (TILA) requires lenders to disclose the Annual Percentage Rate (APR). The APR differs from the stated interest rate because it includes:Finance
- A buyer in Alaska purchases a $420,000 home, making a 15% down payment. How much private mortgage insurance is required annually if the PMI rate is 0.75% of the loan amount?Real Estate Math
- A buyer makes a $425,000 offer on a home. The lender requires a 75% LTV. What is the required down payment?Real Estate Math
- Eminent domain in Alaska allows the government to take private property for public use, but requires:Land Use & Zoning
- Under the Fair Housing Act, a landlord who requires all applicants to provide the same information and uses consistent screening criteria is:Fair Housing
Key Terms to Know
An illegal practice where lenders or insurers deny services or charge higher rates in certain neighborhoods based on the racial or ethnic composition of those areas.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
Study This Topic
Practice More Alaska Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →