An audit analyst is reviewing a mortgage file during a renewal checklist. Which statement correctly handles VA loan eligibility and occupancy?
Correct Answer
B) Apply VA program rules rather than conventional PMI
VA-backed loans use VA eligibility, occupancy, guaranty, and funding-fee concepts. The best answer is "Apply VA program rules rather than conventional PMI".
Why This Is the Correct Answer
VA-backed loans use VA eligibility, occupancy, guaranty, and funding-fee concepts. The best answer is "Apply VA program rules rather than conventional PMI".
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Previous Question
A processor asks how to handle a file where a borrower asks what VA guarantees in a VA-backed mortgage. Which response is most accurate?
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During a mortgage operations checklist, a sponsorship reviewer identifies an issue involving points and fee calculations. Which response is most compliant?