Hayden is training a new MLO on construction loans and Construction Loan Terms. Which statement is accurate?
Correct Answer
C) Consider both construction and permanent payment obligations
construction and construction-to-permanent loans require correct phase treatment, disclosures, and repayment analysis. 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 "Consider both construction and permanent payment obligations".
Why This Is the Correct Answer
construction and construction-to-permanent loans require correct phase treatment, disclosures, and repayment analysis. 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 "Consider both construction and permanent payment obligations".
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During intake, the file has borrower statements but no verified ability-to-repay analysis. What is the best compliant response?