The loan team compares the file facts with HOEPA High Cost Mortgage Restrictions during an underwriting condition review. Which conclusion is accurate?
Correct Answer
D) Apply high-cost mortgage restrictions before consummation
HOEPA/high-cost mortgage rules use rate, points-and-fees, and prepayment-penalty triggers and restrict risky terms. The best answer is "Apply high-cost mortgage restrictions before consummation".
Why This Is the Correct Answer
HOEPA/high-cost mortgage rules use rate, points-and-fees, and prepayment-penalty triggers and restrict risky terms. The best answer is "Apply high-cost mortgage restrictions before consummation".
More Federal Laws Questions
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A mortgage file is paused during a policy refresh meeting because of TILA Qualified Mortgage. Which answer should explain the required action to the team?
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