A borrower scenario raises a question about prequalification and ATR/QM — Debt-to-Income. Which answer should Oakley rely on?
Correct Answer
D) Recalculate qualification using the verified information
prequalification is preliminary and must be updated with verified debts, income, and application facts. This item uses an exam-style scenario; any file details in the stem are illustrative and the governing rule controls the compliant response. The best answer is "Recalculate qualification using the verified information".
Why This Is the Correct Answer
prequalification is preliminary and must be updated with verified debts, income, and application facts. This item uses an exam-style scenario; any file details in the stem are illustrative and the governing rule controls the compliant response. The best answer is "Recalculate qualification using the verified information".
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Before closing, the team discovers that a late closing change occurs and the team must decide whether a new waiting period is required. What is the safest compliant answer?
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A quality-control reviewer flags a case because the file has borrower statements but no verified ability-to-repay analysis. What correction is appropriate?