HUD Housing Counselor Module 2.1 & 2.2. MAlva1981 . Yes, assessments are always difficult to pay because they are always announced just a few weeks before the funds are due. Spell. Created by. If you are facing foreclosure and want the assistance of a housing counselor, search the list of Foreclosure Avoidance Counselors or visit the Making Home Affordable program Q for Borrowers. those who make less than 115% of Area Median Income, or AMI, no funds for down payment, and without adequate housing. Which best describes the ENERGY STAR program? 7 -- race, color, national origin, religion, sex, disability, and familial status, Structural modification made to allow persons with disabilities full enjoyment of facilities, Change in rules, policies, practices, or services. Every agency must designate at least one person to serve as the agency application coordinator. HUD Office of Housing Counseling Frequently Asked Questions on the Housing Counselor Certification Proposed Rule 1. She expects the project will cover over $25,000 and would like a lengthy period of time to pay off the expenses. Project should cost under $24,000 and wants to borrow money at a very low interest rate that can be paid off over a longer period of time. Real Estate Finance: Chapter 6 Financial Agencies… 48 terms. ellie_johnson_hansen. To help you prepare, here are a few tips: Remember to . 40 terms. Lender must terminate PMI when LTV ratio reaches: 78% OR at midpoint of loan, i.e. A client is shopping for a loan and submits a loan application to a lender with an accepted contract at 123 Maple St. HUD Exam - Tenancy. HUD Housing Counseling Exam. To complete an effective maintenance plan for a household system, all of the following would be critical for a client to research, except: Which items should be included in an emergency preparedness plan? Civil Rights Act of 1866. Within each level of difficulty, performance on questions answered correctly determines the feedback provided. Spell. Which type of coverage would a consumer file a claim when...A guest gets carbon monoxide poisoning from a home that has a gas leak an no carbon monoxide detector and sues the homeowner, Which type of coverage would a consumer file a claim when...A guest at a home slips on a wet floor and breaks a bone. HOC is proud that all three of their housing counselors have passed the HUD housing counseling certification exam. Housing and Community Development Act o… Fair Housing Amendments Act of 1988. Match. A home inspector is generally paid by the buyer. HUD published the Final Rule for Housing Counseling Certification in the Federal Register on December 14, 2016, revising the regulations governing HUD’s Housing Counseling Program, 24 C.F.R. HUD Housing Counseling Exam. Write. Which his the best resource for the client to use in researching this topic? Write. Create. Learn vocabulary, terms, and more with flashcards, games, and other study tools. A client wants to remodel basement over next 12 months. Unlike the HUD Housing Counselors Certification Exam, the Knowledge Assessment poses questions at three levels of difficulty. Match. When no payments made after 60 to 90 days... 30 for FHA loans, Monthly housing expenses/gross monthly income, total monthly debt expenses/gross monthly income, 36% for conventional loans and renters, 43% for FHA, 45% for Energy Efficiency Mortgage loan, Principal, Interest, Taxes, Insurance, Association dues and special assessments, Only pay interest in monthly payments - good for fluctuating income, but can make payments on principal when they can, those who do not qualify for conventional because of flawed credit history, bankruptcy, high debt-to-income ratios, or limited funds for down payment & closing costs, United States Department of Agriculture - Rural development program. That’s why we unite 160+ organizations across Illinois in protecting and expanding affordable housing. Key Concepts: Terms in this set (15) All of the following are true statements about upfront costs associated with renting and buying, except; A. Real Estate Settlement Procedures Act (RESPA). Housing Action IllinoisHousing Action Illinois Everyone needs an affordable, stable place to call home. MAlva1981. those who make less than 80% of AMI, unable to obtain other financing but have reasonable credit... loans can go for up to 33 or 38 years, Protects lender if you stop making payments, Required if down payment is less than 20% of home value, assures 1st mortgage is only 80% of sales price -- will mean higher interest rates and more fees, % calculated by dividing the amount of outstanding loan amount by the value of home. HUD Housing Counselor Module 2.1 & 2.2. 132 terms. ellie_johnson_hansen. Residents would be required to pay a share of expenses related to capital improvements to the common areas. Two of this agency’s housing counselors, Jane Sokolowski and Amy Bell, passed the HUD Housing Counselor Certification exam on November 1, 2018 and have tips to share! Gravity. 66 Review CB 1& 2. Start studying HUD Exam - Tenancy. Online Exam Preparation Step 1. Review the Test Taker Guide for key information. UNIX. HUD Housing Counselor Module 3.1 & 3.2. HUD-APPROVED HOUSING COUNSELING IS YOUR TRUSTED RESOURCE. -- file complaint to Consumer Finance Protection Bureau, Truth in Lending Act -- Lenders must provide loan costs info so they can shop around -- file complaint to FTC, TILA-RESPA Integrated Disclosure Rule -- "Know before you Owe" rule - requires easy to use disclosures -- Loan Estimate to help understand key features, costs and risks of loan AND Closing Disclosure to help understand all costs of transactions, Home Ownership and Equity Protections Act -- to address abusive practices in refinances and closed-ended home equity loans with high interest rates or high fees, Two pamphlets counselors must provide on home inspections, For your protection get a home inspection AND 10 questions to ask a home imspector, Type of Homeowner's insurance that reimburses for repairs for damage from perils, Type of Homeowner's insurance that provides funding for housing and food when you cant live in home, Type of Homeowner's insurance that reimburses for personal property destroyed by perils, Type of Homeowner's insurance that provides funding for defense lawyer if sued, Earthquake or Flood insurance, Business Merchandise coverage, incidental Business liability, no payment is made after the grace period(10-15 days) after due date. D. Options A, B, and C. A person or company that makes loans for real estate purchases. Spell. Only $1/month. NOTE: Beginning August 6, 2020, HUD will no longer require online exam candidates to use an external camera. How do I submit comments on the Proposed Rule? One lender mentioned a 3.1% interest rate if she signed for it within the next 36 hours. A potential homebuyer with a minimal savings for a down payment and a low credit score is most likely to qualify for which mortgage? STUDY. All of the following are critical components of an emergency plan, except: Identification bracelets for each family member, Client wants to complete a project over the course of a year. The seller should disclose the property's repair history. P. repare Create an effective study plan. 23 terms. Click on the headings in the gray boxes below to expand the information beneath them. NWMT_studyset . 2. Which items is critical to consider when working with a client to prepare a household system maintenance plan? 40 terms. Test. HUD Housing Counselor Module 3.1 & 3.2. YOU MIGHT ALSO LIKE... Real Estate Finance. Monthly housing expenses/gross monthly income. STUDY. Which type of coverage would a consumer file a claim when...A gutter system is destroyed in a hailstorm and must b e repaired. By reviewing the results of this type of test, learners can assess their knowledge and focus their studies where there may be knowledge gaps. Which factor is best for housing counselors to use when determining how much a client can afford to spend on purchasing a home? HUD Housing Counselor Certification Practice . Studying a little each day will help you identify tough concepts or weak areas in your knowledge in advance. Passing Marks: Successful Exam Preparation. As we mentioned in the December 2018 issue of The Bridge, this year we are sharing success stories and examination preparation tips. HUD Housing Counseling Exam. Which best describes the home inspection and closing process. Strategies for … Write. Comments are currently being reviewed and responses are being prepared for inclusion in the Final … Housing counselors work during normal business hours, with few exceptions. Log in Sign up. Here is a link to the proposed rule. Match. STUDY. She was very interested in this loan, so she asked for more information (conditions and fees). Gene21330. MAlva1981. 15 years of 30 year mortgage, 30 year, interest rate set for 1st 5 years then adjusts annually, Those who have $ for down payment, wants lower interest rate for few years and may not own home for more than 5 years, Federal Housing Choice Voucher Program - Section 8 - Distributed by local Public Housing Agency, or PHA, Family income must be lower than 50% of AMI, Voucher must pay 30% of gross income, family pays the rest, Illegal Practice of refusing to make loans because of predominant race, color, national origin, religion, sec, disability or familial status of the residents in the neighborhood, Trying to convince someone to sell or rent a dwelling because of the entry into the neighborhood of a particular person, Supreme Court says GOV can longer support segregated programs, No discrimination in programs that receive federal funding. When no payments made after 60 to 90 days... 30 for FHA loans. Created by. Test. PREP! Posts can include study tips, videos, links to webinars and trainings. Since your home will be next to a stream, flood insurance could be critical; however, the added annual expense of flood insurance may make the home an unaffordable option for you. Which of the following is true about the process of selling a home? Gravity. Annual gross income C. Savings D. Options A, B, C E. None of the above. Spell. Housing counselors can research AFFH rules for all types of programs with AFFH requirements, in order to inform their clients. 125 hud housing counselor jobs available. Client intends to purchase a home that needs major structural repairs and will make those repairs with funding rolled into a mortgage loan. *Update – The comment period has closed. Karla_Sandoval32. The client asks for information about possible settlement costs, but the lenders says that he needs to see the purchase contract in order to move forward with the process. B. MAlva1981. When she asked for the reason, she was told that the lender had given loans to women her age in the past and no longer would. Defers some principal so monthly payments are affordable. Remains on credit report for 7 years, lowers credit and ability to purchase another home for several years, may require paying taxes on lenders losses. The Knowledge Assessment, unlike the HUD Housing Counselors Certification Exam, poses questions at three levels of difficulty. MAlva1981. Flashcards. Real Estate Unit 17 … PLAY. New hud housing counselor careers are added daily on SimplyHired.com. This page provides … Test. Home affordable modification program - HAMP, modification options offer relief to homeowners in default, while refinance options target borrowers in good standing, Hardship affidavit -- borrower info -- income/expenses for household -- Dodd-Frank Certification, I have not been convicted of certain crimes in last 10 years, Gives servicer permission to look at recent tax returns, Hope Loan Port - Major vehicle for submission of loan workout packages -- hlp.org, Verbal arrangements lasting less than 3 months -- assists borrowers who are temporarily struggling to make payments, Written agreements lasting 3-6 months -- assists borrowers who are temporarily struggling to make payments, FHA - Special Forbearance - Unemployment Agreement, Assists unemployed borrowers by suspending or reducing current payments, To assist borrowers who are struggling to make payments because they are no longer affordable and do not qualify for other FHA options. HUD Housing Counseling Exam. OTHER SETS BY THIS CREATOR. participate in HUD’s Housing Counseling Program, as of August 1, 2020,the Final Compliance Date. Debt to-income ratios B. Which regulation deems this practice unlawful? The lender provided some information about the loan, but nothing included the APR. The lender should have provided which item? Renters generally pay a security deposit upon signing a lease. STUDY. All the following would be beneficial for client, except: She will pay a monthly mortgage payment that is $20 less than her initial payment. JeffreyAdamos. HUD’s Office of Housing Counseling held a webinar, Housing Counseling Program Certification: HUD Exchange Resources, on May 23, 2019, to review the certification requirements in brief and demonstrate the HUD Exchange Certification Rule pages.A number of specific questions were asked, as well as some frequently asked questions on the certification rule and exam, including: Match. HUD Study Guide- Financial Management. HUD Module 4.1 Homeownership. Empowering consumers to make informed housing decisions. natalie_sparks3. 65 terms. Benefits of using real estate agent or broker: Receiving advice about pricing your home accurately, assistance advertising the home, help showing home to potential buyers, negotiate sale and coordinating details of closing, Subprime lending, negative amortization, aggressive marketing of HELOCs, demand from the secondary market, using teaser rates to qualify more borrowers, Consumer Finance Protection Bureau - established by congress in 2010 = RESPA, TILA, HOEPA, When servicer moves forward w/ foreclosure while still working with borrower to avoid foreclosure - Restricted now, Hardest Hit Fund - Provided 7.6 billion to 18 states to help struggling homeowners -- 2 billion added in 2016, Making Home Affordable Program -- Helped homeowners avoid foreclosure, stabilize housing market, Foreclosure Process - Servicer must make effort to contact borrower after __ days of delinquency, Foreclosure Process - Servicer must send borrower written notice to contact servicer before __ days of delinquency, Foreclosure Process - Servicer can't make first notice or filing for foreclosure until borrower is more than __ days delinquent, Foreclosure is a lawsuit, so the process is formulized, Servicer issues homeowners notice of the lawsuit, called a summons or a complaint, If judge allows for foreclosure, homeowner may still have __ days to cure delinquency, Courts not involved, servicer issues Notice of Default, NOD, after 120 days of delinquency, 37% - Reduction of Income 25%-Loss of income 7%-Medical issues 5%-Poor budget management skills 4%-Increase in expenses, divorce 3%-Increase in Loan Payment 2%-Death in Family 1%-Failed business venture 12%-Other, --Determine reason client is behind --Determine if they want to remain or leave -- determine the type of mortgage to determine options --Gather Required financial documentation -- complete necessary forms --submit request to servicer -- respond to additional requests for info, A mortgage owned by Frannie Mae or Freddie Mac, GSE loan - Government Sponsored Enterprise loan, Home Affordable Refinance Program -- assists homeowners with GSE loans who are current on payments but unable to secure traditional refinancing due to declining home value, LTV ratio must be greater than 80%, GSE loan, current, and 12 months of good payment history. Created by. tenant receives permission from homeowner to reside in home without lease, rent payment, or specified period, Reimburses policyholders for personal property destroyed by certain perils, Total amount of past due payments owed to a lender, To find info about local emergency rent assistance programs go to, Act of remaining in property while in violation of conditions outlined in lease, Most less than 90 days, free training, sometimes small fee, for ppl leaving emergency shelters, offer programs for youth, each has unique criteria for who is accepted, Section of Credit Report containing Employer details, Section of Credit Report containing info about a student loan, Section of Credit Report containing court info like a bankruptcy, Section of Credit Report containing attempts to open credit card, Section of Credit Report containing info about how to correct inaquracies, 35% Account History -- 30% Amounts Owed -- 15% Length of Credit History -- 10% New Credit -- 10% Types of Credit Used, The only federally authorized source for free credit report, Lets you build credit history without taking any actual credit, You have right to know what's in your file, dispute inaccuracies and limit others access to your file, Fair and Accurate Credit Transactions Act, Fair and Accurate Credit Transactions Act - FACTA, You have right to a free annual credit report, to place fraud alert on file, and have cc #s truncated on receipts, You can dispute billing errors associated with your cc account. All of the following is information necessary for your client to gather in preparation for filing out the URLA, except: All of the following statements describe working with an appraiser during the "obtaining financing" step of purchasing a home, except: Home buyers rarely are allowed to see the appraisal information and for that reason are encouraged to get a home inspection. B. HUD-funded program -If housing counseling clients seek housing through certain programs, it is beneficial for them to be aware of AFFH requirements for those programs. passed the HUD Housing Counseling Certification Exam. After passing the HUD Housing Counselor Certification Exam and transferring the exam results to the FHA Connection (FHAC), counselors must apply for certification in FHA Connection and have their employment validated by the agency FHA Connection application coordinator. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Which piece of advice would you give to clients as they begin the process of obtaining financing? Federal law granting citizenship to former slaves; passed over Johnson's veto. Key Concepts: Terms in this set (251) Civil Rights Act of 1866. Which would be the best location to identify in a household emergency preparedness plan as a safe place to meet in the event of an evacuation? 23 terms. Which strategy most effectively increases a home's energy efficiency? STUDY. Search. Learn. FHAP - Provides funding to state and local agencies to help enforce fair housing laws. A certain mortgage company encourages all its clients to use a specific appraiser. A. HUD Exam - Housing Affordability. Terms in this set (357) Rental Obstacle + Solutions: Low Income -Some Renters reject people whose Rent would be more than 30% of GMI-Solutions-Apply for Housing Assistance -Expand housing search areas-Get a roommate-Move in w/family or friends. Which action would most likely increase the energy efficiency of a home? he found that within a few years ,they were not able to make their monthly payments because they had children and stopped working or cut back to part-time work. 65 terms. During a pre-purchase counseling session, a client mentions that he wants to make an offer on a home situated near a stream that historically floods in heavy rain storms. This will include specific information about the required external webcam and online testing process. Learn. 251 terms. OTHER SETS BY THIS CREATOR. Make it a priority to study continuously. In addition to the training materials, a practice exam is available to help prepare for and pass the HUD Housing Counselor Certification Exam. Key Concepts: Terms in this set (126) Default. A client spoke with five lenders. The appraisers give the mortgage company $100 for every one of its clients who comes to them. Which should a housing counselor recommend that a client include in a household maintenance plan? Streamlined 203k loan may be right for you if... project will not require involvement of consultants, engineers, or architects... you can do it yourself or use contractors... it can be done in 6 months, want fixed interest rate, desire loan up to 25ooo for single-family home, desire loan up to 12000 per family unit not to exceed total of 60000, EEM - assists ppl to purchase an enery efficient home or refinance a home to make energy efficient improvements, You replace your original mortgage w/ a mortgage covering a higher amount, you receive the difference to invest, save, or use for large purchases or home repairs. UNIX. MAlva1981. 485 terms. Spell. Client does not have $3,000 to spare. Find GCSE resources for every subject. Four of the five lenders quoted interest rates between 4.1% and 4.6%. Learn. Match. 20 terms. NEW! Which regulation deems this practice unlawful? HUD will accept any camera for the online certification exam. Which type of coverage would a consumer file a claim with when...a family must rent an apartment for one month while their home is being repaired after a windstorm. PLAY. Created by. rblackwell1234. Within each level of difficulty, performance on questions answered correctly determines the feedback provided. See salaries, compare reviews, easily apply, and get hired. rblackwell1234. Delinquency on which type of payment can cause a lien to be placed on a client's property? if the mortgage company does not tell clients about the payment it receives for referrals, this is a breach of which regulation? 127 terms. The low-stress way to find your next hud housing counselor job opportunity is on SimplyHired. Front-End Ratio Equation. Flashcards. HUD-approved housing counseling helps more than a million households every year. Gravity. PLAY. Upgrade to remove ads. These HUD-approved agencies provide tools to current homeowners, prospective home buyers, renters, homeless, and victims of disaster, so they can make responsible choices to address their housing needs. 132 terms. As a HUD- approved counseling agency, HOC provides group homebuyer education classes, financial capability, one-on-one pre-purchase counseling, post-purchase counseling, and access to down payment assistance programs. HUD Certification. Test. Browse . Fair Housing Act of 1968. Search online for a housing counseling agency near you, or call HUD's interactive voice system at: (800) 569-4287. 2. Write. Learn. Applicants must pass the following exams with a score of 80% or higher: ULA Pre-Purchase: Fundamentals of Pre-Purchase Homebuyer Counseling or Advanced Pre-Purchase; ULA Foreclosure Prevention: Fundamentals of Foreclosure Prevention Counseling (if applicable) Practical Experience Requirements. Fair Housing Act now protects how many characteristics? Created by. This rule implements statutory requirements that housing counseling required under or provided in connection with all HUD programs will be provided by HUD-Certified Housing Counselors.
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