Which entity is responsible for investigating complaints about appraisal independence violations?
Correct Answer
D) The appropriate federal banking regulator
AIR violations are investigated and enforced by the appropriate federal banking regulator (OCC, Federal Reserve, FDIC, or NCUA) depending on the type of financial institution involved in the transaction.
Why This Is the Correct Answer
AIR violations are investigated and enforced by the appropriate federal banking regulator (OCC, Federal Reserve, FDIC, or NCUA) depending on the type of financial institution involved in the transaction.
More Origination Questions
A borrower has a construction-to-permanent loan with a 12-month construction phase. At month 10, construction is only 60% complete due to delays. What is the most likely outcome?
For a construction-to-permanent loan, when must the initial Closing Disclosure be provided for the construction phase?
During a refinance transaction, the appraiser determines that significant unpermitted additions were made to the property. The appraiser wants to discuss this with the MLO before finalizing the report. What should the MLO do?
An appraiser discovers that a property has significant foundation issues that were not disclosed. The appraiser reduces the property value by $25,000 and includes detailed comments about the structural problems. The loan officer is upset because this will kill the deal. Under AIR, the loan officer:
An MLO's compensation structure includes higher payments for certain loan products. When is it acceptable to recommend these higher-compensated products?
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Previous Question
A borrower files joint tax returns with their spouse but is applying for the mortgage individually. The borrower's separate income shown on supporting documents differs from what can be determined from the joint return. The MLO should:
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An MLO's spouse owns a small appraisal management company. The MLO wants to use this AMC for loans they originate. Under AIR, this arrangement is: