A processor handoff raises a Homeowners Protection Act question for a licensing coordinator. What answer should guide the file?
Correct Answer
D) Cancel PMI at 80 percent if request conditions are met
HPA has separate borrower-requested, automatic, and final PMI termination rules. The best answer is "Cancel PMI at 80 percent if request conditions are met".
Why This Is the Correct Answer
HPA has separate borrower-requested, automatic, and final PMI termination rules. The best answer is "Cancel PMI at 80 percent if request conditions are met".
More Federal Laws Questions
A mortgage team asks a branch supervisor about TILA APR and finance-charge rules during a renewal checklist. Which answer should guide the file?
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A disciplinary-risk review raises a question about TILA APR and finance-charge rules. Which action should the renewal specialist recommend?
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?
A policy analyst is resolving Flood Disaster Protection Act during a quality-control sample. Which action best fits the rule?
A compliance exception review raises an ECOA Prohibited Basis question for a policy analyst. What answer should guide the file?
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A mortgage file is paused during a secondary-market screen because of TILA Qualified Mortgage. Which answer should apply the requirement without relying on borrower preference?
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A customer-service escalation raises an HMDA Reporting Requirements question for a training manager. What answer should guide the file?