Hayden is training a new MLO on borrower communication and TRID — Loan Estimate. Which statement is accurate?
Correct Answer
D) Explain the next required step before proceeding
borrower communication must be timely, accurate, and tied to disclosure or action-notice duties. This item uses an exam-style scenario; any file details in the stem are illustrative and the governing rule controls the compliant response. The best answer is "Explain the next required step before proceeding".
Why This Is the Correct Answer
borrower communication must be timely, accurate, and tied to disclosure or action-notice duties. This item uses an exam-style scenario; any file details in the stem are illustrative and the governing rule controls the compliant response. The best answer is "Explain the next required step before proceeding".
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Previous Question
During quality control, Elliot finds a file issue involving borrower communication and Communication and Documentation. Which action is most appropriate?
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An MLO is reviewing procedures for a case where a late closing change occurs and the team must decide whether a new waiting period is required. What is the proper handling?