Before the team acts on a branch training session, a quality-control reviewer must address TILA HPML Appraisal Requirements. Which response is most defensible?
Correct Answer
D) Compare APR to APOR as of the rate-set date
HPML coverage depends on APR-over-APOR thresholds and carries escrow or appraisal duties. The best answer is "Compare APR to APOR as of the rate-set date".
Why This Is the Correct Answer
HPML coverage depends on APR-over-APOR thresholds and carries escrow or appraisal duties. The best answer is "Compare APR to APOR as of the rate-set date".
More Federal Laws Questions
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A mortgage team asks a branch supervisor about TILA right of rescission during a record-retention audit. Which answer should guide the file?
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The supervisor compares the file facts with RESPA Kickbacks and Referrals during a new-hire scenario. Which conclusion is accurate?