MLO Practice Exam Questions and Answers Best rated A+ Guaranteed Success Latest Update

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 - 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 - 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 - 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.) Nonconformingd.) Department of the Veterans Administration - Answer c.) Nonconforming What is the purpose of Title IX? - 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 person and at section X of the URLA they refuse to provide the information for monitoring purposes, what must you do? - Answer Mark only the ones you can confirm through visual observation What type of income documentation must the processor collect for a self-employed borrower? a.) 2 years W2s b.) 2 years paystubs c.) 2 years 1099s d.) 2 years tax returns - Answer d.) 2 years tax returns