MLO National Exam| 372 QUESTIONS| WITH COMPLETE SOLUTIONS

According to the FCRA, when must a credit agency give a consumer a free copy of his credit report? A.)If the loan application is denied because of information in the report B.) Whenever he request it Correct Answer: A.)If the loan application is denied because of information in the report A Consumer comes into your office to apply for a loan. The Home Mortgage Disclosure Act requires you to collect information about her race. If she does not wish to provide information for that section of the application, what do you do? A.)Skip it all together B.)Have her check the box indicating she does not wish to furnish the information, then answer it according to visual observation when she leaves Correct Answer: B.)Have her check the box indicating she does not wish to furnish the information, then answer it according to visual observation when she leaves. After the collection of statistical data, lenders are required to forward that information to the regulator by what date under the Home Mortgage Disclosure act? Correct Answer: March 1st. ABC Bank Receives a change of address request from consumer Jane. What requires the bank to follow up with Jane to Verify the validity of the request? Correct Answer: Red Flag Rules According to the Fair Credit Report Act, which situation does not entitle someone to a free copy of his credit report? Correct Answer: An Applicant was refused credit due to insufficient income. Bob meets a loan origination at XYZ Mortgage Company to inquire about loan options. His name is on the National Do Not Call Registry. XYZ a.) Can call Bob for up to 3 months from the meeting date b.) can call Bob for up to 18 months from the meeting date. Correct Answer: a. can Call Bob for up to 3 months from the meeting date. Broker Danny is currently working on four loan applications. For which transactions must Danny follow the regulations of the Truth in Lending Act? a.) Helen's application to purchase a duplex where she will live i