Finance
Under the Community Reinvestment Act (CRA), Wisconsin financial institutions are required to:
ALend only to low-income borrowers
BMeet the credit needs of all communities in their service area, including low- and moderate-income areas✓ Correct
CReport all loans to DSPS
DProvide free financial counseling to all applicants
Explanation
The CRA requires federally insured banks and savings institutions to actively help meet the credit needs of all communities they serve, including low- and moderate-income neighborhoods.
Related Wisconsin Finance Questions
- A Wisconsin buyer purchases a home for $350,000 with a 20% down payment. What is the loan amount?
- A Wisconsin lender requires PMI on a conventional loan when the down payment is:
- In Wisconsin, transfer taxes on real estate transactions are collected through the:
- Wisconsin uses which type of security instrument for residential mortgage loans?
- Under Wisconsin law, a mortgage lender must provide the borrower with a Notice of Right to Cancel (Right of Rescission) for:
- Wisconsin lenders who sell mortgages to Fannie Mae or Freddie Mac must ensure those loans meet:
- Points paid on a Wisconsin mortgage loan are also known as:
- A Wisconsin 'wraparound mortgage' is a type of seller financing in which:
Practice More Wisconsin Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wisconsin Quiz →