MLO National Exam Chapter 1 Review Questions and Answers | Latest Update | 2024/2025 | Already Passed

MLO National Exam Chapter 1 Review Questions and Answers | Latest Update | 2024/2025 | Already Passed A lender may condition a loan upon borrower's ability to prove alimony or child support income has been received monthly- if receipt of this income is disclosed by the borrower. True A lender may consider a borrowers marital status when considering income. False A lender may refuse to consider reliable public assistance income. False Age is protected under ECOA but not under the Federal Fair Housing Act. True All of the following must be delivered to the borrower promptly after receipt by the lender, but no later then three business days prior to settlement except: A list of comparable sales from property appraisers office ECOA is enforced by the CFPB True ECOA requires one notice of adverse action be sent to the applicant unless: The decision is based upon information found in the co-borrowers credit report If in a face to face application the borrower refuses to provide the loan originator with the information for government monitoring purposes contained in section X of the 1003 form the loan originator must: Note that fact on the form 1003 Guess on the basis of visual observation A and B ^ If the loan is denied, the lender's notice on adverse action (aka denial letter) must be delivered to the applicant within 30 days. True Once the lender has received a completed application it must render a credit decision within ______ days. 30 The borrower is entitled to a copy of the appraisal report no later than: Three business days prior to settlement The Fair Housing Act of 1968 requires advertisements for mortgage loans containing: The Equal Housing Opportunity logo in each add The slogan "equal housing lender" in each broadcast