A branch supervisor asks Cameron how to handle udaap and UDAAP — Unfair Practices. What should Cameron recommend?
Correct Answer
D) Correct the practice before accepting applications
unfair, deceptive, or abusive conduct can arise from misleading mortgage practices or interference with consumer understanding. 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 "Correct the practice before accepting applications".
Why This Is the Correct Answer
unfair, deceptive, or abusive conduct can arise from misleading mortgage practices or interference with consumer understanding. 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 "Correct the practice before accepting applications".
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Before closing, the team discovers that a loan officer wants different terms because of a protected applicant characteristic. What is the safest compliant answer?
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