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A mortgage file is paused during a secondary-market screen because of Property Insurance Requirements. Which answer should select the answer that fits the governing requirement?

Correct Answer

A) Apply RESPA escrow-account rules to the account

Escrow rules address taxes, insurance, cushion limits, statements, and HPML escrow duties. The best answer is "Apply RESPA escrow-account rules to the account".

Answer Options
A
Apply RESPA escrow-account rules to the account
B
Change the payment without reviewing escrow-account figures.
C
Apply the licensing timing rule even though the file is testing Property Insurance Requirements.
D
Wait for a regulator request before correcting the escrow treatment.

Why This Is the Correct Answer

Escrow rules address taxes, insurance, cushion limits, statements, and HPML escrow duties. The best answer is "Apply RESPA escrow-account rules to the account".

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