A mortgage file is paused during a lock-desk handoff because of FCRA Credit Report Rights. Which answer should decide how the file should be documented?
Correct Answer
D) Keep consumer-report information within authorized use
Consumer reports require a permissible purpose and proper FCRA/Reg V handling. The best answer is "Keep consumer-report information within authorized use".
Why This Is the Correct Answer
Consumer reports require a permissible purpose and proper FCRA/Reg V handling. The best answer is "Keep consumer-report information within authorized use".
More Federal Laws Questions
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Previous Question
Before the loan advances, a quality-control reviewer must resolve a ATR/QM repayment-ability rules issue in a supervisory file review. What should happen?
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An NMLS filing review raises a question about Homeowners Protection Act PMI rules. Which action should the renewal specialist recommend?