SAFE MLO EXAM QUESTIONS ANSWERED CORRECTLY GRADED A+
What is the application also known as? - Answers URLA or 1003
What does URLA stand for? - Answers Uniform Residential Loan Application
Title I - Answers Type and Term
Title II - Answers Property and Purpose
Title III - Answers Borrowers Info
Title IV - Answers Employement history
Title V - Answers Monthly income and housing expenses
Title VI - Answers Assets and liabilities
Title VII - Answers Details of transaction
Title VIII - Answers Declarations
Title IX - Answers Acknowledge and Agreement
Title X - Answers Info on govt. Monitoring
Verification and documentation? - Answers Employment/income documents show 2 year
history. 4506-T used to obtain a tax transcript. Asset statements
How long is the 4506-T valid? - Answers 90 days
How do you determine the suitability of products? - Answers Include income, property, assets,
and credit requirements
Loans with high risks? - Answers Non-owner occupied prop, simultaneous second liens,
subprime borrowers, balloon loans, arm's
Guidelines! - Answers Make sure you look over the guidelines for each program in the GMK
session!
Underwriting? - Answers Assesses the borrowers ability to adequately meet the loans
repayment requirement
The four C's? - Answers Cash, capacity, credit, collateral
Cash? - Answers Assets. Provide statements to verify any money being brought to settlement
(closing)
Acceptable assets include... - Answers Cash reserves, gifts, stocks & bonds, retirement
What is the application also known as? - Answers URLA or 1003
What does URLA stand for? - Answers Uniform Residential Loan Application
Title I - Answers Type and Term
Title II - Answers Property and Purpose
Title III - Answers Borrowers Info
Title IV - Answers Employement history
Title V - Answers Monthly income and housing expenses
Title VI - Answers Assets and liabilities
Title VII - Answers Details of transaction
Title VIII - Answers Declarations
Title IX - Answers Acknowledge and Agreement
Title X - Answers Info on govt. Monitoring
Verification and documentation? - Answers Employment/income documents show 2 year
history. 4506-T used to obtain a tax transcript. Asset statements
How long is the 4506-T valid? - Answers 90 days
How do you determine the suitability of products? - Answers Include income, property, assets,
and credit requirements
Loans with high risks? - Answers Non-owner occupied prop, simultaneous second liens,
subprime borrowers, balloon loans, arm's
Guidelines! - Answers Make sure you look over the guidelines for each program in the GMK
session!
Underwriting? - Answers Assesses the borrowers ability to adequately meet the loans
repayment requirement
The four C's? - Answers Cash, capacity, credit, collateral
Cash? - Answers Assets. Provide statements to verify any money being brought to settlement
(closing)
Acceptable assets include... - Answers Cash reserves, gifts, stocks & bonds, retirement
