In Processing and Evaluating Applications-12 CFR 202

question 377

Multiple Choice

In Processing and evaluating applications-12 CFR 202.6, protected income part is also under discussion. Which of the following considerations is NOT its part?

• A) Public assistance income may not consider whether an applicant's income is from a public assistance source
• B) Public assistance income may consider as it relates to another pertinent element of creditworthiness
• C) May consider length of time public assistance income will be received, whether the applicant will continue to qualify for the income, and whether the income can be garnished
• D) Can discount or refuse to consider the following: Part-time income Annuities Pensions Retirement benefits Alimony, child support, and separate maintenance payments to the extent they are likely to be consistently made

---

Definitions:

Investment Account

A financial account that holds securities, such as stocks, bonds, or mutual funds, for investment purposes.

Providing Legal Advice

The act of giving professional legal opinions regarding the law or conduct to someone, typically an attorney advising a client.

Bookkeeping

The process of recording financial transactions and maintaining organized accounts to ensure accurate financial reporting and analysis.

Investigations

The systematic and detailed examination of facts and evidence to establish truths.