A loan file reviewer is training staff on HOEPA high-cost mortgage rules using a disciplinary-risk review. Which statement is accurate?
Correct Answer
D) Provide required counseling and disclosures when HOEPA applies
HOEPA/high-cost mortgage rules use rate, points-and-fees, and prepayment-penalty triggers and restrict risky terms. The best answer is "Provide required counseling and disclosures when HOEPA applies".
Why This Is the Correct Answer
HOEPA/high-cost mortgage rules use rate, points-and-fees, and prepayment-penalty triggers and restrict risky terms. The best answer is "Provide required counseling and disclosures when HOEPA applies".
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