During a borrower intake review, the loan team encounters a HOEPA Points and Fees issue. Which response should resolve the issue before the file moves forward?
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".
More Federal Laws Questions
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Before the team acts on a servicing handoff check, a quality-control reviewer must address Flood Disaster Protection Act. Which response is most defensible?
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