The branch manager is resolving Flood Disaster Protection Act during an internal audit sample. Which action best fits the rule?
Correct Answer
C) Require flood insurance when the property is in an SFHA
Flood insurance is required for designated loans secured by buildings in special flood hazard areas. The best answer is "Require flood insurance when the property is in an SFHA".
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 "Require flood insurance when the property is in an SFHA".
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During a post-application update, the branch manager encounters a TILA HPML Thresholds issue. Which response should confirm the rule-based response?
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During a post-application update, a processor encounters an HMDA Reporting Requirements issue. Which response should identify which rule controls the file?