An audit analyst is reviewing a mortgage file during an annual compliance meeting. Which statement correctly handles HPML requirements?
Correct Answer
A) Apply HPML rules when APR exceeds the applicable APOR threshold
HPML coverage depends on APR-over-APOR thresholds and carries escrow or appraisal duties. The best answer is "Apply HPML rules when APR exceeds the applicable APOR threshold".
Why This Is the Correct Answer
HPML coverage depends on APR-over-APOR thresholds and carries escrow or appraisal duties. The best answer is "Apply HPML rules when APR exceeds the applicable APOR threshold".
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