Before the loan advances, a renewal specialist must resolve a flood-insurance requirements issue in a training scenario. What should happen?
Correct Answer
B) Send the required flood notice before closing
Flood insurance is required for designated loans secured by buildings in special flood hazard areas. The best answer is "Send the required flood notice before closing".
Why This Is the Correct Answer
Flood insurance is required for designated loans secured by buildings in special flood hazard areas. The best answer is "Send the required flood notice before closing".
More Federal Laws Questions
During intake, a borrower sends a written request for information to the servicer-designated address. What is the best compliant response?
Parker is training a new MLO on Fair Housing Act compliance Act compliance. Which statement is accurate?
Hayden is training a new MLO on Homeowners Protection Act PMI rules. Which statement is accurate?
Lane receives conflicting instructions about TRID Loan Estimate timing timing. Which instruction should control?
A branch manager asks about a loan file because a compliance analyst asks why covered mortgage application data is collected. What should happen?
Before closing, the team discovers that a compliance analyst asks why covered mortgage application data is collected. What is the safest compliant answer?
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