An internal audit flags Homeowners Protection Act PMI rules. Which response best protects compliance?
Correct Answer
D) Check payment history and property-value conditions
HPA has separate borrower-requested, automatic, and final PMI termination rules. The best answer is "Check payment history and property-value conditions".
Why This Is the Correct Answer
HPA has separate borrower-requested, automatic, and final PMI termination rules. The best answer is "Check payment history and property-value conditions".
More Federal Laws Questions
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During intake, the loan schedule reaches the automatic PMI termination point. What is the best compliant response?
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A processor asks how to handle a file where a compliance analyst asks why covered mortgage application data is collected. Which response is most accurate?
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