Under the Homeowners Protection Act, when must a lender provide initial disclosure about PMI cancellation rights?
Correct Answer
B) At loan closing
The Homeowners Protection Act requires lenders to provide borrowers with initial disclosures about PMI cancellation and termination rights at the time of loan closing.
Why This Is the Correct Answer
The Homeowners Protection Act requires lenders to provide borrowers with initial disclosures about PMI cancellation and termination rights at the time of loan closing.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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An online mortgage advertisement displays 'Refinance today! 3.5% rate available.' Under TILA, what makes this advertisement potentially non-compliant?
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