A team member asks about TILA Higher Priced Mortgage Loans in a daily pipeline review while trying to identify which rule controls the file. Which response should the file reviewer use?
Correct Answer
C) Check escrow and appraisal duties for a covered HPML
HPML coverage depends on APR-over-APOR thresholds and carries escrow or appraisal duties. The best answer is "Check escrow and appraisal duties for a covered HPML".
Why This Is the Correct Answer
HPML coverage depends on APR-over-APOR thresholds and carries escrow or appraisal duties. The best answer is "Check escrow and appraisal duties for a covered HPML".
More Federal Laws Questions
A mortgage team asks a branch supervisor about TILA APR and finance-charge rules during a renewal checklist. Which answer should guide the file?
A mortgage file is paused during a risk-control review because of TILA QM DTI Calculation. Which answer should choose the most defensible file action?
A disciplinary-risk review raises a question about TILA APR and finance-charge rules. Which action should the renewal specialist recommend?
Before the loan advances, a quality-control reviewer must resolve a ATR/QM repayment-ability rules issue in a supervisory file review. What should happen?
A policy analyst is resolving Flood Disaster Protection Act during a quality-control sample. Which action best fits the rule?
A compliance exception review raises an ECOA Prohibited Basis question for a policy analyst. What answer should guide the file?
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A company policy update raises a question about flood-insurance requirements. Which action should the state compliance officer recommend?
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During a company policy update, a policy analyst identifies an issue involving ATR/QM repayment-ability rules. Which response is most compliant?
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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?
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