An audit analyst is reviewing a mortgage file during a record-retention audit. Which statement correctly handles TRID Transaction Classification?
Correct Answer
A) Use refinance or cash-out rules when proceeds change
Purchase, refinance, cash-out, construction, and home-equity transactions have different disclosure and risk rules. The best answer is "Use refinance or cash-out rules when proceeds change".
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 "Use refinance or cash-out rules when proceeds change".
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