A disciplinary-risk review raises a question about changed-circumstance review. Which action should the quality-control reviewer recommend?
Correct Answer
D) Use corrected Closing Disclosure rules after the CD is provided
Changed circumstances can permit revised estimates only when Regulation Z conditions and timing are met. The best answer is "Use corrected Closing Disclosure rules after the CD is provided".
Why This Is the Correct Answer
Changed circumstances can permit revised estimates only when Regulation Z conditions and timing are met. The best answer is "Use corrected Closing Disclosure rules after the CD is provided".
More Origination Questions
A branch manager asks about a loan file because a processor wants to omit known monthly obligations from underwriting. What should happen?
In a mortgage origination file, the person preparing the valuation would be paid more if the value is higher. Which action should be taken?
An MLO is reviewing procedures for a case where the person preparing the valuation would be paid more if the value is higher. What is the proper handling?
A quality-control reviewer flags a case because the person preparing the valuation would be paid more if the value is higher. What correction is appropriate?
Before closing, the team discovers that a processor wants to omit known monthly obligations from underwriting. What is the safest compliant answer?
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A borrower-facing employee is unsure what to do when a processor wants to omit known monthly obligations from underwriting. What is the correct response?
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