Before the loan advances, a state compliance officer must resolve a FCRA credit-reporting rules issue in a record-retention audit. What should happen?
Correct Answer
A) Use the report only for a permissible credit purpose
Consumer reports require a permissible purpose and proper FCRA/Reg V handling. The best answer is "Use the report only for a permissible credit purpose".
Why This Is the Correct Answer
Consumer reports require a permissible purpose and proper FCRA/Reg V handling. The best answer is "Use the report only for a permissible credit purpose".
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In a training scenario, a borrower asks to cancel PMI at the scheduled 80 percent point. What action best follows the rule?
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A mortgage team asks a state compliance officer about Homeowners Protection Act PMI rules during a file review. Which answer should guide the file?