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Questions and Answers
According to HB 1213, lenders are now required to consider which of the following factors when evaluating an application for a primary residential mortgage loan?
According to HB 1213, lenders are now required to consider which of the following factors when evaluating an application for a primary residential mortgage loan?
- Credit score and employment history
- History of rent or mortgage payments and school attendance (correct)
- Number of credit cards and work attendance
- Income level and age
What is the effective date of HB 1213?
What is the effective date of HB 1213?
- November 1, 2021
- January 1, 2022
- October 1, 2020
- October 1, 2021 (correct)
What type of loans does HB 1213 apply to?
What type of loans does HB 1213 apply to?
- Auto loans
- Student loans
- Home loans (correct)
- Personal loans
Apart from the traditional creditworthiness factors, what additional factors must lenders consider under HB 1213?
Apart from the traditional creditworthiness factors, what additional factors must lenders consider under HB 1213?
What federal requirements do all loans subject to under HB 1213?
What federal requirements do all loans subject to under HB 1213?
What is the main purpose of HB 1213?
What is the main purpose of HB 1213?
What is the status of HB 1213?
What is the status of HB 1213?
What is the subject of HB 1213?
What is the subject of HB 1213?
What is the penalty for lenders who do not comply with HB 1213?
What is the penalty for lenders who do not comply with HB 1213?
Who is responsible for requesting verifiable indications of creditworthiness under HB 1213?
Who is responsible for requesting verifiable indications of creditworthiness under HB 1213?
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