An internal audit flags TRID Loan Classifications. Which response best protects compliance?
Correct Answer
B) Check construction or permanent-phase treatment when applicable
Purchase, refinance, cash-out, construction, and home-equity transactions have different disclosure and risk rules. The best answer is "Check construction or permanent-phase treatment when applicable".
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 "Check construction or permanent-phase treatment when applicable".
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