During a supervisory file review, a licensing coordinator identifies an issue involving flood-insurance requirements. Which response is most compliant?
Correct Answer
D) Send the required flood notice before closing
Flood insurance is required for designated loans secured by buildings in special flood hazard areas. The best answer is "Send the required flood notice before closing".
Why This Is the Correct Answer
Flood insurance is required for designated loans secured by buildings in special flood hazard areas. The best answer is "Send the required flood notice before closing".
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In a mortgage origination file, a borrower sends a written request for information to the servicer-designated address. Which action should be taken?
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A mortgage team asks a licensing coordinator about GLBA privacy requirements during a new-license application. Which answer should guide the file?