Before the loan advances, a licensing coordinator must resolve a HMDA reporting issue in a state-law refresher. What should happen?
Correct Answer
A) Treat covered dwelling-secured activity as HMDA data
Covered institutions collect and report HMDA data for covered mortgage applications and loans. The best answer is "Treat covered dwelling-secured activity as HMDA data".
Why This Is the Correct Answer
Covered institutions collect and report HMDA data for covered mortgage applications and loans. The best answer is "Treat covered dwelling-secured activity as HMDA data".
More Federal Laws Questions
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A branch manager asks about a loan file because a compliance analyst asks why covered mortgage application data is collected. What should happen?
Before closing, the team discovers that a compliance analyst asks why covered mortgage application data is collected. What is the safest compliant answer?
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