Hayden is training a new MLO on Loan Types and Purposes. Which statement is accurate?
Correct Answer
D) Check construction or permanent-phase treatment when applicable
Purchase, refinance, cash-out, construction, and home-equity transactions have different disclosure and risk rules. The best answer is "Check construction or permanent-phase treatment when applicable".
Why This Is the Correct Answer
Purchase, refinance, cash-out, construction, and home-equity transactions have different disclosure and risk rules. The best answer is "Check construction or permanent-phase treatment when applicable".
More Mortgage Knowledge Questions
A branch supervisor asks Cameron how to handle conforming loan limits. What should Cameron recommend?
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