TEST 3 - NAFCU NCCO QUESTIONS
WITH COMPLETE ANSWERS!!
1 of 54
Term
When can reg Z application disclosures be used instead of the GFE
Give this one a try later!
STOCKS HECM
ARM HELOC
, Don't know?
2 of 54
Term
What are the exceptions that allow a credit union to increase the
APR and fees on a credit card account?
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Exceptions: Advance notice,
variable rate, temporary rate, Conditions: permanent rate, fixed
delinquency, SCRA return fees, no notice required
Requirements: must have a minimum Limitations: only applies to
credit score of 700 personal loans, not credit cards
Don't know?
3 of 54
Term
What is a reasonable source to verify a consumer's ability to repay
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Deny outright - AA within 30 days of HELOC, reverse mortgages, chattel-
application secured mortgages (secured by
, Send notice of incompleteness property not attached to land)
income documentations
employment Notice must be provided to
verification asset member either before or within 30
documentation debt days of reporting information
obligations
Don't know?
4 of 54
Term
What loan terms can disqualify a mortgage from being a general
defintion QM?
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3 years > 30 years
< 15 years only if the interest rate is fixed
Don't know?
5 of 54
Definition
Fee cannot exceed the amount of the transaction that triggered the
fee.
, Cannot charge more than one fee for the same event.
The max amount of the fee must be determined using one of the
following methods:
1. "reasonable proportion" of the total costs incurred by the CU
2. An amount within specified "safe harbor" limits (current $30 for
the 1st violation and $41 for subsequent violations)
Give this one a try later!
What are the timing requirements
What are the record retention
for delivering the Closing
requirements for the ATR-QM rule?
Disclosure?
What are the MLA disclosure
requirements? Specifically, which
MLA disclosures must be written What are the limitations on
and which disclosures must be penalty fees?
given orally?
Don't know?
6 of 54
Term
What are the record retention requirements for the ATR-QM rule?
Give this one a try later!
1 year 5 years
WITH COMPLETE ANSWERS!!
1 of 54
Term
When can reg Z application disclosures be used instead of the GFE
Give this one a try later!
STOCKS HECM
ARM HELOC
, Don't know?
2 of 54
Term
What are the exceptions that allow a credit union to increase the
APR and fees on a credit card account?
Give this one a try later!
Exceptions: Advance notice,
variable rate, temporary rate, Conditions: permanent rate, fixed
delinquency, SCRA return fees, no notice required
Requirements: must have a minimum Limitations: only applies to
credit score of 700 personal loans, not credit cards
Don't know?
3 of 54
Term
What is a reasonable source to verify a consumer's ability to repay
Give this one a try later!
Deny outright - AA within 30 days of HELOC, reverse mortgages, chattel-
application secured mortgages (secured by
, Send notice of incompleteness property not attached to land)
income documentations
employment Notice must be provided to
verification asset member either before or within 30
documentation debt days of reporting information
obligations
Don't know?
4 of 54
Term
What loan terms can disqualify a mortgage from being a general
defintion QM?
Give this one a try later!
3 years > 30 years
< 15 years only if the interest rate is fixed
Don't know?
5 of 54
Definition
Fee cannot exceed the amount of the transaction that triggered the
fee.
, Cannot charge more than one fee for the same event.
The max amount of the fee must be determined using one of the
following methods:
1. "reasonable proportion" of the total costs incurred by the CU
2. An amount within specified "safe harbor" limits (current $30 for
the 1st violation and $41 for subsequent violations)
Give this one a try later!
What are the timing requirements
What are the record retention
for delivering the Closing
requirements for the ATR-QM rule?
Disclosure?
What are the MLA disclosure
requirements? Specifically, which
MLA disclosures must be written What are the limitations on
and which disclosures must be penalty fees?
given orally?
Don't know?
6 of 54
Term
What are the record retention requirements for the ATR-QM rule?
Give this one a try later!
1 year 5 years
