An internal audit flags rate-lock agreements. Which response best protects compliance?
Correct Answer
A) Document the lock terms before relying on them
Rate locks can require revised Loan Estimates and accurate interest-rate-dependent disclosures. 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. The best answer is "Document the lock terms before relying on them".
More Origination Questions
A branch manager asks about a loan file because a processor wants to omit known monthly obligations from underwriting. What should happen?
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