A mortgage team asks a sponsorship reviewer about advertising and consumer-protection controls during an annual compliance meeting. Which answer should guide the file?
Correct Answer
B) Compare costs, term, payment, and risk features
refinance recommendations should be evaluated for borrower benefit, repayment ability, and steering risk. 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 "Compare costs, term, payment, and risk features".
Why This Is the Correct Answer
refinance recommendations should be evaluated for borrower benefit, repayment ability, and steering risk. 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 "Compare costs, term, payment, and risk features".
More Origination Questions
In a mortgage origination file, a processor wants to omit known monthly obligations from underwriting. Which action should be taken?
A compliance review finds that the person preparing the valuation would be paid more if the value is higher. What should the MLO do next?
During intake, the consumer locks the interest rate after the initial disclosure package. What is the best compliant response?
An MLO is reviewing procedures for a case where a processor wants to omit known monthly obligations from underwriting. What is the proper handling?
In a mortgage origination file, a HELOC will provide funds for the down payment on the same dwelling. Which action should be taken?
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In a mortgage origination file, a manager proposes higher pay for loans with a higher interest rate. Which action should be taken?
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