A loan team is about to close a file involving rate lock and Rate Locks and Float-Down Options. Which action should occur first?
Correct Answer
C) Document the lock terms before relying on them
rate locks can require revised Loan Estimates and accurate interest-rate-dependent disclosures. 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 "Document the lock terms before relying on them".
Why This Is the Correct Answer
rate locks can require revised Loan Estimates and accurate interest-rate-dependent disclosures. 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 "Document the lock terms before relying on them".
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Avery is reviewing a mortgage file involving rate lock and Rate Lock Agreements. Which response best follows the governing rule?