A pre-closing checklist raises a Flood Insurance Requirements question for an audit analyst. What answer should guide the file?
Correct Answer
C) Use the flood determination before making the loan
Flood insurance is required for designated loans secured by buildings in special flood hazard areas. The best answer is "Use the flood determination before making the loan".
Why This Is the Correct Answer
Flood insurance is required for designated loans secured by buildings in special flood hazard areas. The best answer is "Use the flood determination before making the loan".
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?
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A closing coordinator compares the file facts with TILA Advertising Requirements during a borrower follow-up call. Which conclusion is accurate?
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During a borrower intake review, the branch manager encounters a TILA HPML Escrow Requirements issue. Which response should explain the required action to the team?