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The Ability-to-Repay rule requires a creditor to make a reasonable, good-faith determination of the consumer's ability to repay. Which of the following is NOT one of the underwriting factors the rule requires the creditor to consider and verify?
a.Current or reasonably expected income or assets
b.Current debt obligations, alimony, and child support
c.Employment status
d.The consumer's race or national origin
Giải thích
Reg Z 1026.43 lists eight underwriting factors, including income/assets, employment status, monthly mortgage payment, other debts, current obligations such as alimony/child support, monthly debt-to-income ratio or residual income, and credit history. A consumer's race or national origin is never a permissible underwriting factor and considering it would violate fair lending laws.
Trích dẫn luật: Ability-to-Repay/Qualified Mortgage Rule (Reg Z 1026.43)Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- A loan originator has two loan products available for a qualified borrower. Product A pays the originator a higher commission but carries a higher rate; Product B is cheaper for the borrower. The originator directs the borrower to Product A to earn more. This practice is best described as:
- Under Reg Z, which arrangement for changing a loan originator's compensation is generally permitted?
- The anti-steering safe harbor under Reg Z is satisfied when the loan originator presents the consumer with loan options that include the loan with the lowest interest rate, the loan with the lowest total dollar amount for origination points/fees, and:
- For a Qualified Mortgage of $100,000 or more, the total points and fees generally may not exceed what percentage of the total loan amount?
- Which loan feature is generally NOT permitted in a Qualified Mortgage?
- When underwriting an adjustable-rate Qualified Mortgage, the monthly payment used to evaluate the consumer's ability to repay must generally be calculated using:
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