A quality-control reviewer is resolving Loan Products and Features during a loan setup review. Which action best fits the rule?
Correct Answer
B) Separate discount points from ordinary fees when the rule requires it
Points and fees can affect APR, HOEPA, QM, and borrower cost calculations. The best answer is "Separate discount points from ordinary fees when the rule requires it".
Why This Is the Correct Answer
Points and fees can affect APR, HOEPA, QM, and borrower cost calculations. The best answer is "Separate discount points from ordinary fees when the rule requires it".
More Mortgage Knowledge Questions
During a borrower intake review, a training manager encounters an Amortization and Payment Calculations issue. Which response should choose the most defensible file action?
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During a post-application update, the MLO encounters a Qualifying Ratios issue. Which response should confirm the rule-based response?
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