A regulator exam preparation raises a question about TILA advertising. Which action should the licensing coordinator recommend?
Correct Answer
C) 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".
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Previous Question
During a post-application update, the file reviewer encounters a TILA Ability to Repay issue. Which response should select the answer that fits the governing requirement?
Next Question
A disclosure specialist compares the file facts with RESPA Servicing Requirements during a borrower follow-up call. Which conclusion is accurate?