Before the loan advances, a renewal specialist must resolve a HOEPA high-cost mortgage rules issue in an NMLS filing review. What should happen?
Correct Answer
A) Test the loan against HOEPA high-cost triggers
HOEPA/high-cost mortgage rules use rate, points-and-fees, and prepayment-penalty triggers and restrict risky terms. The best answer is "Test the loan against HOEPA high-cost triggers".
Why This Is the Correct Answer
HOEPA/high-cost mortgage rules use rate, points-and-fees, and prepayment-penalty triggers and restrict risky terms. The best answer is "Test the loan against HOEPA high-cost triggers".
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