A processor is checking whether an application should be evaluated for HMDA-reportable action taken. Which HMDA rule should control?
Correct Answer
A) Use Regulation C coverage rules before excluding the file
Covered institutions collect and report HMDA data for covered mortgage applications and loans. The best answer is "Use Regulation C coverage rules before excluding the file".
Why This Is the Correct Answer
Covered institutions collect and report HMDA data for covered mortgage applications and loans. The best answer is "Use Regulation C coverage rules before excluding the file".
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