Avery is reviewing a mortgage file involving udaap and UDAAP — Abusive Practices. Which response best follows the governing rule?
Correct Answer
C) Remove the misleading or abusive practice
unfair, deceptive, or abusive conduct can arise from misleading mortgage practices or interference with consumer understanding. 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 "Remove the misleading or abusive practice".
Why This Is the Correct Answer
unfair, deceptive, or abusive conduct can arise from misleading mortgage practices or interference with consumer understanding. 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 "Remove the misleading or abusive practice".
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A quality-control reviewer flags a case because an MLO refers a borrower to an affiliated title agency. What correction is appropriate?
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An MLO is reviewing procedures for a case where a title company offers a gift card for each borrower referral. What is the proper handling?