UST (With complete solution)

Anne is a loan processor, which of the following would not be an action she could perform without an MLO license? correct answers Discuss the interest rate lock with the borrower ________________ is the receipt, collection and distribution of information for the processing or underwriting of a loan in the mortgage industry and communication with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan. correct answers Administrative or Clerical Duties This is not included in an application: correct answers Employment Information What is true about an application? correct answers Income information is required to complete an application. This is the major federal regulatory authority responsible for the oversight of the mortgage industry: correct answers CFPB This is not an example of a depository institution: correct answers A mortgage servicer What is true about an employee? correct answers The employer issues them a W-2 form. Which of the following is not an example of a federal banking agency? correct answers The CSBS Who is an example of an immediate family member? correct answers Your grandfather (not your aunt, uncle, or cousin) What is true about an independent contractor? correct answers They are issued a 1099 form This would be unlawful behavior by a processor or underwriter: correct answers Communicating with a borrower about their interest rate Colleen is a loan processor, she is in a situation where a client has asked for her advice on the terms of their loan, how should Colleen handle the situation? correct answers She should refer the borrower back to their MLO to discuss the terms of the loan A __________ is an individual who, for compensation or gain, takes a residential mortgage loan application and offers or negotiates terms of a residential mortgage loan: correct answers Mortgage Loan Originator This is true about the NMLS? correct answers They issue unique identifiers Which of the following entities is partially responsible for the creation of the NMLS? correct answers AARMR