An internal audit flags USDA loan-program requirements. Which response best protects compliance?
Correct Answer
C) Use USDA guaranteed-loan requirements for the program
USDA Section 502 guaranteed loans require eligible rural property, income eligibility, primary residence use, and lender approval. The best answer is "Use USDA guaranteed-loan requirements for the program".
Why This Is the Correct Answer
USDA Section 502 guaranteed loans require eligible rural property, income eligibility, primary residence use, and lender approval. The best answer is "Use USDA guaranteed-loan requirements for the program".
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A mortgage team asks an audit analyst about secondary-market loan delivery during a regulator exam preparation. Which answer should guide the file?
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A secondary-market loan delivery raises a question about secondary-market loan delivery. Which action should the branch supervisor recommend?