According to the 2007 interagency statement on subprime mortgage lending, what should an institution offering mortgage loans to subprime borrowers provide before submission of an application?
A.
Information on local residential real property values
Payment shock information. According to the 2007 interagency statement on subprime mortgage lending, institutions offering mortgage loans to subprime borrowers are specifically advised to provide information on potential payment shock. Payment shock is a term used to describe the risk that borrowers face when adjustable-rate mortgages reset to higher interest rates, significantly increasing their monthly mortgage payments. The statement emphasizes the importance of ensuring that borrowers are fully informed about the risks and consequences of their loan options, including the possibility of substantial increases in their future mortgage payments.
upvoted 1 times
...
Log in to ExamTopics
Sign in:
Community vote distribution
A (35%)
C (25%)
B (20%)
Other
Most Voted
A voting comment increases the vote count for the chosen answer by one.
Upvoting a comment with a selected answer will also increase the vote count towards that answer by one.
So if you see a comment that you already agree with, you can upvote it instead of posting a new comment.
Cam22
4 months ago