A branch supervisor is training staff on TILA advertising using a consumer complaint response. Which statement is accurate?
Correct Answer
B) State the APR when advertising a rate
Mortgage advertisements must be truthful and include required APR or trigger-term disclosures. The best answer is "State the APR when advertising a rate".
Why This Is the Correct Answer
Mortgage advertisements must be truthful and include required APR or trigger-term disclosures. The best answer is "State the APR when advertising a rate".
More Federal Laws Questions
During intake, a borrower sends a written request for information to the servicer-designated address. What is the best compliant response?
Parker is training a new MLO on Fair Housing Act compliance Act compliance. Which statement is accurate?
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A branch manager asks about a loan file because a compliance analyst asks why covered mortgage application data is collected. What should happen?
Before closing, the team discovers that a compliance analyst asks why covered mortgage application data is collected. What is the safest compliant answer?
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Before the loan advances, a sponsorship reviewer must resolve a TILA advertising issue in an MLO sponsorship update. What should happen?
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