Parker is training a new MLO on HELOC and open-end credit rules and open-end credit rules. Which statement is accurate?
Correct Answer
C) Use the principal-dwelling security interest to analyze rescission
HELOCs are open-end credit plans secured by a dwelling with special disclosures and rescission rules when secured by a principal dwelling. The best answer is "Use the principal-dwelling security interest to analyze rescission".
Why This Is the Correct Answer
HELOCs are open-end credit plans secured by a dwelling with special disclosures and rescission rules when secured by a principal dwelling. The best answer is "Use the principal-dwelling security interest to analyze rescission".
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