A mortgage file is paused during a secondary-market screen because of Flood Disaster Protection Act. Which answer should select the answer that fits the governing requirement?
Correct Answer
C) Require flood insurance when the property is in an SFHA
Flood insurance is required for designated loans secured by buildings in special flood hazard areas. The best answer is "Require flood insurance when the property is in an SFHA".
Why This Is the Correct Answer
Flood insurance is required for designated loans secured by buildings in special flood hazard areas. The best answer is "Require flood insurance when the property is in an SFHA".
More Federal Laws Questions
A mortgage team asks a branch supervisor about TILA APR and finance-charge rules during a renewal checklist. Which answer should guide the file?
A mortgage file is paused during a risk-control review because of TILA QM DTI Calculation. Which answer should choose the most defensible file action?
A disciplinary-risk review raises a question about TILA APR and finance-charge rules. Which action should the renewal specialist recommend?
Before the loan advances, a quality-control reviewer must resolve a ATR/QM repayment-ability rules issue in a supervisory file review. What should happen?
A policy analyst is resolving Flood Disaster Protection Act during a quality-control sample. Which action best fits the rule?
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A consumer complaint response raises a question about GLBA privacy requirements. Which action should the state compliance officer recommend?
A company policy update raises a question about flood-insurance requirements. Which action should the state compliance officer recommend?
An operations lead is resolving HMDA Reporting Requirements during a quality-control sample. Which action best fits the rule?
During a company policy update, a policy analyst identifies an issue involving ATR/QM repayment-ability rules. Which response is most compliant?
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A mortgage file is paused during a lock-desk handoff because of FCRA Adverse Action Notices. Which answer should identify which rule controls the file?