A loan originator requires insurance exceeding the insurer-established replacement cost. What is the best conclusion under Arizona loan originator law or AZDIFI guidance?
Correct Answer
C) Arizona prohibits requiring property insurance coverage greater than the replacement cost of the improvements as established by the property insurer.
Arizona prohibits requiring property insurance coverage greater than the replacement cost of the improvements as established by the property insurer. Arizona prohibits a loan originator from requiring property insurance coverage greater than the replacement cost of the improvements as established by the property insurer.
Why This Is the Correct Answer
Arizona prohibits requiring property insurance coverage greater than the replacement cost of the improvements as established by the property insurer. Arizona prohibits a loan originator from requiring property insurance coverage greater than the replacement cost of the improvements as established by the property insurer.
More UST Questions
In a Missouri mortgage file, the loan file reviewer is asked to document licensing and NMLS authority before continuing. Which rule controls?
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