Mortgage Broker Exam-Ethics
Questions & Answers (Grade A+)
Which of the following may be used as a guiding principle for
creating compliant advertising? -
correct answer ✅Employ truth in advertising
Which of the following is a changed circumstance for which the
Loan Estimate may be revised? -
correct answer ✅A fluctuating interest rate impacts charges.
MLO Lindy spoke with an appraiser about 321 Treetop Lane, to
which the appraiser was due to go that day. The appraiser was
unfamiliar with the area and asked what the property was near.
Which of the following is an ethical response? -
correct answer ✅"Treetop is near 5th and Main, close to the
stadium."
Which of the following makes up a good portion of an MLO's job? -
correct answer ✅Delivering customer service
A telemarketing campaign involves reverse mortgages. The
telemarketers contact consumers who aren't on the Do Not Call
Registry and tell them they'll eliminate all their monthly payments if
they get a reverse mortgage with their offer. The telemarketers
figure that consumers know they must still pay homeowners
, Mortgage Broker Exam-Ethics
Questions & Answers (Grade A+)
insurance and taxes. How would the TSR define the telemarketer's
conduct? -
correct answer ✅Deceptive
Regarding consumer complaints, which of the following is true? -
correct answer ✅Lenders and specific MLOs may be the subject of
a consumer's Better Business Bureau complaint.
Which of the following may offer identity theft red flags through
alerts, notifications, or warnings? -
correct answer ✅A consumer reporting agency
During an MLO's loan application file review, he noted that a
deposit of $8,000 was put in the applicant's checking account 30
days ago. Before this deposit, the applicant typically had $1,800
deposits every two weeks from her employer. The applicant didn't
include any documentation related to the deposit. What type of red
flag is this? -
correct answer ✅Bank Activity
An MLO reviews a loan file application. The applicant is 19 years old
and purchasing a multi-million-dollar property. The applicant has
held a full-time job for one year. What should the MLO do in this
Questions & Answers (Grade A+)
Which of the following may be used as a guiding principle for
creating compliant advertising? -
correct answer ✅Employ truth in advertising
Which of the following is a changed circumstance for which the
Loan Estimate may be revised? -
correct answer ✅A fluctuating interest rate impacts charges.
MLO Lindy spoke with an appraiser about 321 Treetop Lane, to
which the appraiser was due to go that day. The appraiser was
unfamiliar with the area and asked what the property was near.
Which of the following is an ethical response? -
correct answer ✅"Treetop is near 5th and Main, close to the
stadium."
Which of the following makes up a good portion of an MLO's job? -
correct answer ✅Delivering customer service
A telemarketing campaign involves reverse mortgages. The
telemarketers contact consumers who aren't on the Do Not Call
Registry and tell them they'll eliminate all their monthly payments if
they get a reverse mortgage with their offer. The telemarketers
figure that consumers know they must still pay homeowners
, Mortgage Broker Exam-Ethics
Questions & Answers (Grade A+)
insurance and taxes. How would the TSR define the telemarketer's
conduct? -
correct answer ✅Deceptive
Regarding consumer complaints, which of the following is true? -
correct answer ✅Lenders and specific MLOs may be the subject of
a consumer's Better Business Bureau complaint.
Which of the following may offer identity theft red flags through
alerts, notifications, or warnings? -
correct answer ✅A consumer reporting agency
During an MLO's loan application file review, he noted that a
deposit of $8,000 was put in the applicant's checking account 30
days ago. Before this deposit, the applicant typically had $1,800
deposits every two weeks from her employer. The applicant didn't
include any documentation related to the deposit. What type of red
flag is this? -
correct answer ✅Bank Activity
An MLO reviews a loan file application. The applicant is 19 years old
and purchasing a multi-million-dollar property. The applicant has
held a full-time job for one year. What should the MLO do in this
