Morgan notices a compliance issue tied to points and fee calculations. What is the best next step?
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".
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During quality control, Drew finds a file issue involving loan-application timing and documentation. Which action is most appropriate?
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