MLO National Exam Questions with Complete Solutions | A+ Grade

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 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 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? 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? Red Flag RulesAccording to the Fair Credit Report Act, which situation does not entitle someone to a free copy of his credit report? 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