A loan team is about to close a file involving ARM features and caps. Which action should occur first?
Correct Answer
C) Explain payment-change risk before the borrower proceeds
ARM products use an index, margin, adjustment periods, caps, and payment-change disclosures. The best answer is "Explain payment-change risk before the borrower proceeds".
Why This Is the Correct Answer
ARM products use an index, margin, adjustment periods, caps, and payment-change disclosures. The best answer is "Explain payment-change risk before the borrower proceeds".
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during a conventional and conforming loan rules review, a branch supervisor identifies an issue involving conventional and conforming loan rules. Which response is most compliant?
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