Before the team acts on a branch training session, a licensing coordinator must address HOEPA High Cost Mortgage. Which response is most defensible?
Correct Answer
B) Include covered originator compensation in points and fees
HOEPA/high-cost mortgage rules use rate, points-and-fees, and prepayment-penalty triggers and restrict risky terms. The best answer is "Include covered originator compensation in points and fees".
Why This Is the Correct Answer
HOEPA/high-cost mortgage rules use rate, points-and-fees, and prepayment-penalty triggers and restrict risky terms. The best answer is "Include covered originator compensation in points and fees".
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A quality-control reviewer flags a case because a borrower sends a written request for information to the servicer-designated address. What correction is appropriate?
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A mortgage file is paused during a risk-control review because of ECOA Adverse Action Notice. Which answer should explain the required action to the team?