A mortgage file is paused during a lock-desk handoff because of Flood Disaster Protection Act. Which answer should choose the compliant next step?
Correct Answer
C) 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
A policy analyst is resolving Flood Disaster Protection Act during a quality-control sample. Which action best fits the rule?
A compliance exception review raises an ECOA Prohibited Basis question for a policy analyst. What answer should guide the file?
A consumer complaint response raises a question about GLBA privacy requirements. Which action should the state compliance officer recommend?
A company policy update raises a question about flood-insurance requirements. Which action should the state compliance officer recommend?
An operations lead is resolving HMDA Reporting Requirements during a quality-control sample. Which action best fits the rule?
During a company policy update, a policy analyst identifies an issue involving ATR/QM repayment-ability rules. Which response is most compliant?
An annual compliance meeting raises a question about FCRA credit-reporting rules. Which action should the operations lead recommend?
A risk reviewer is resolving Flood Insurance Requirements during a loan-team coaching session. Which action best fits the rule?
During an advertising approval, a sponsorship reviewer identifies an issue involving RESPA and Regulation X. Which response is most compliant?
An MLO is reviewing procedures for a case where a borrower sends a written request for information to the servicer-designated address. What is the proper handling?
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During intake, a compliance analyst asks why covered mortgage application data is collected. What is the best compliant response?
Next Question
During a post-application update, a quality-control reviewer encounters a GLBA Safeguards Rule issue. Which response should match the file facts to the correct rule?