MLO Practice Exam Question and
answers already passed
All of the following information is provided under Section X of the 1003,
except:
a.) Ethnicity
b.) Name and address of employer
c.) Sex
d.) Race - correct answer ✔b.) Name and address of employer
Section X of the URLA contains information on:
a.) Assets and Liabilities
b.) Information for Government Monitoring Purpose
c.) Declarations
d.) Details of transaction - correct answer ✔b.) Information for Government
Monitoring Purpose
When determining the best options for a potential borrower, an MLO must
always find what?
a.) Nonconventional
b.) Federal Housing Administration
c.) Nonconforming
d.) Department of The Veterans Administration - correct answer ✔c.)
Nonconforming
, Choose the best answer. All of the following are Government loan programs
or types, except:
a.) Nonconventional
b.) Federal Housing Administration
c.) Nonconforming
d.) Department of the Veterans Administration - correct answer ✔c.)
Nonconforming
What is the purpose of Title IX? - correct answer ✔To ensure the borrower
acknowledges that the information provided in the application is accurate and
correct
If you are an MLO speaking to a potential client in person and at section X of
the URLA they refuse to provide the information for monitoring purposes, what
must you do? - correct answer ✔Mark only the ones you can confirm through
visual observation
What type of income documentation must the processor collect for a self-
employed borrower?
a.) 2 years W2s
b.) 2 years paystubs
c.) 2 years 1099s
d.) 2 years tax returns - correct answer ✔d.) 2 years tax returns
What type of income documentation must the processor collect for a salaried
or hourly employee of a company?
answers already passed
All of the following information is provided under Section X of the 1003,
except:
a.) Ethnicity
b.) Name and address of employer
c.) Sex
d.) Race - correct answer ✔b.) Name and address of employer
Section X of the URLA contains information on:
a.) Assets and Liabilities
b.) Information for Government Monitoring Purpose
c.) Declarations
d.) Details of transaction - correct answer ✔b.) Information for Government
Monitoring Purpose
When determining the best options for a potential borrower, an MLO must
always find what?
a.) Nonconventional
b.) Federal Housing Administration
c.) Nonconforming
d.) Department of The Veterans Administration - correct answer ✔c.)
Nonconforming
, Choose the best answer. All of the following are Government loan programs
or types, except:
a.) Nonconventional
b.) Federal Housing Administration
c.) Nonconforming
d.) Department of the Veterans Administration - correct answer ✔c.)
Nonconforming
What is the purpose of Title IX? - correct answer ✔To ensure the borrower
acknowledges that the information provided in the application is accurate and
correct
If you are an MLO speaking to a potential client in person and at section X of
the URLA they refuse to provide the information for monitoring purposes, what
must you do? - correct answer ✔Mark only the ones you can confirm through
visual observation
What type of income documentation must the processor collect for a self-
employed borrower?
a.) 2 years W2s
b.) 2 years paystubs
c.) 2 years 1099s
d.) 2 years tax returns - correct answer ✔d.) 2 years tax returns
What type of income documentation must the processor collect for a salaried
or hourly employee of a company?
