If the institution offers both full and reduced documentation loans and there is a pricing premium attached to the reduced documentation loan, the consumer should:
A.
Be alerted to this fact
B.
Not be alerted to this fact
C.
Provide consumers with a clear statement of the options available
D.
Not lead consumers with payment option ARMs to choose a non-amortizing or negatively amortizing payment
Consumers should be informed about the pricing premium attached to reduced documentation loans. Transparency in lending practices, including the disclosure of any additional costs associated with certain loan features or requirements, is essential to ensure that consumers can make informed decisions.
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Cam22
4 months ago