A compliance review finds that a compliance analyst asks why covered mortgage application data is collected. What should the MLO do next?
Correct Answer
D) Collect and report covered mortgage lending data
Lines 76-82; 12 CFR Part 1003 summary. HMDA is a data collection and reporting framework for covered mortgage lending activity. Therefore, the correct response is "Collect and report covered mortgage lending data".
Why This Is the Correct Answer
Lines 76-82; 12 CFR Part 1003 summary. HMDA is a data collection and reporting framework for covered mortgage lending activity. Therefore, the correct response is "Collect and report covered mortgage lending data".
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