Before the loan advances, an operations lead must resolve a Homeowners Protection Act PMI rules issue in a company policy update. What should happen?
Correct Answer
C) Automatically terminate PMI at 78 percent if current
HPA has separate borrower-requested, automatic, and final PMI termination rules. The best answer is "Automatically terminate PMI at 78 percent if current".
Why This Is the Correct Answer
HPA has separate borrower-requested, automatic, and final PMI termination rules. The best answer is "Automatically terminate PMI at 78 percent if current".
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A borrower-facing employee is unsure what to do when an MLO wants to pull a consumer report for curiosity before an application purpose exists. What is the correct response?
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A mortgage operations checklist raises a question about TILA advertising. Which action should the state compliance officer recommend?