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MLO National Exam Chapter 1 Review
Questions and Answers 100% Pass
Age is protected under ECOA but not under the Federal Fair Housing Act. - ANS True
The lender may ask the applicant if he/she is single or divorced. - ANS False
Once the lender has received a completed application it must render a credit decision within
______ days. - ANS 30
The borrower is entitled to a copy of the appraisal report no later than: - ANS Three business
days prior to settlement
If the loan is denied, the lender's notice on adverse action (aka denial letter) must be delivered
to the applicant within 30 days. - ANS True
ECOA requires one notice of adverse action be sent to the applicant unless: - ANS The
decision is based upon information found in the co-borrowers credit report
The Home Mortgage Disclosure Act concerns itself with: - ANS Institutional lenders of
federally related loans with assets over $10,000,000
Statistical data that helps detect discriminatory patterns (The LAR Report)
Depository Institutions
All above ^
MLO National Exam Chapter 1 Review
Questions and Answers 100% Pass
Age is protected under ECOA but not under the Federal Fair Housing Act. - ANS True
The lender may ask the applicant if he/she is single or divorced. - ANS False
Once the lender has received a completed application it must render a credit decision within
______ days. - ANS 30
The borrower is entitled to a copy of the appraisal report no later than: - ANS Three business
days prior to settlement
If the loan is denied, the lender's notice on adverse action (aka denial letter) must be delivered
to the applicant within 30 days. - ANS True
ECOA requires one notice of adverse action be sent to the applicant unless: - ANS The
decision is based upon information found in the co-borrowers credit report
The Home Mortgage Disclosure Act concerns itself with: - ANS Institutional lenders of
federally related loans with assets over $10,000,000
Statistical data that helps detect discriminatory patterns (The LAR Report)
Depository Institutions
All above ^
