A lender is preparing a California compliance audit focused on advertising and consumer-protection controls. Which statement should be treated as accurate?
Correct Answer
B) For California covered loans, the originator must provide the Consumer Caution and Home Ownership Counseling Notice no later than three business days before signing loan documents; the law.
For California covered loans, the originator must provide the Consumer Caution and Home Ownership Counseling Notice no later than three business days before signing loan documents; the law does not require describing this as mandatory completed counseling before consummation.
Why This Is the Correct Answer
For California covered loans, the originator must provide the Consumer Caution and Home Ownership Counseling Notice no later than three business days before signing loan documents; the law does not require describing this as mandatory completed counseling before consummation.
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Before approving the record-retention audit, a Massachusetts policy analyst checks sponsorship and employment status. Which conclusion is best supported?
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During a Massachusetts advertising approval, a quality-control reviewer must resolve a question about sponsorship and employment status. Which statement should control?