MLO Practice Exam QUESTIONS WITH COMPLETE SOLUTIONS

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 pe