Before the loan advances, a quality-control reviewer must resolve a HMDA reporting issue in a company policy update. What should happen?
Correct Answer
A) Record the action taken and reportable data points
Covered institutions collect and report HMDA data for covered mortgage applications and loans. The best answer is "Record the action taken and reportable data points".
Why This Is the Correct Answer
Covered institutions collect and report HMDA data for covered mortgage applications and loans. The best answer is "Record the action taken and reportable data points".
More Federal Laws Questions
A policy analyst is resolving Flood Disaster Protection Act during a quality-control sample. Which action best fits the rule?
A compliance exception review raises an ECOA Prohibited Basis question for a policy analyst. What answer should guide the file?
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?
An annual compliance meeting raises a question about FCRA credit-reporting rules. Which action should the operations lead recommend?
A risk reviewer is resolving Flood Insurance Requirements during a loan-team coaching session. Which action best fits the rule?
During an advertising approval, a sponsorship reviewer identifies an issue involving RESPA and Regulation X. Which response is most compliant?
An MLO is reviewing procedures for a case where a borrower sends a written request for information to the servicer-designated address. What is the proper handling?
People Also Study
General Mortgage Knowledge
20% of exam
Mortgage Loan Origination Activities
27% of exam
Ethics, Fraud & Consumer Protection
18% of exam
Uniform State Test Content
11% of exam
Related Study Resources
Previous Question
A closing coordinator compares the file facts with TILA Qualified Mortgage during a borrower follow-up call. Which conclusion is accurate?
Next Question
A quality-control reviewer flags a case because the loan schedule reaches the automatic PMI termination point. What correction is appropriate?