Before the team acts on a supervisory file review, the supervisor must address TILA HPML Restrictions. Which response is most defensible?
Correct Answer
A) Check escrow and appraisal duties for a covered HPML
HPML coverage depends on APR-over-APOR thresholds and carries escrow or appraisal duties. The best answer is "Check escrow and appraisal duties for a covered HPML".
Why This Is the Correct Answer
HPML coverage depends on APR-over-APOR thresholds and carries escrow or appraisal duties. The best answer is "Check escrow and appraisal duties for a covered HPML".
More Federal Laws Questions
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A mortgage file is paused during a secondary-market screen because of ECOA Disparate Impact. Which answer should avoid a shortcut that would misapply the rule?
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Before the loan advances, an operations lead must resolve a HPML requirements issue in a renewal checklist. What should happen?