Online Access Free MLO Exam Questions

Which of the following items may lenders use to verify a borrower's income for his ability to repay a mortgage?

• A.A copy of a check register
• B.The borrower's attestation that he expects a raise within 30 days
• C.The income stated on the loan application
• D.An electronic paystub

A real estate broker overhears her buyer discussing what she believes to be illegal activities while on a phone conversation. The real estate broker notifies the buyer's mortgage loan originator (MLO) that the borrower may be using illegally acquired funds as down payment for this property. The MLO decides to report some suspicious cash deposit transactions found in the borrower's bank records. Under the Patriot Act, the MLO may discuss the filing of this report with which of the following parties, if any?

• A.His loan processor
• B.The buyer's agent
• C.All parties involved in the transaction
• D.The report Is not permitted to be discussed with any parties involved in the transaction.

A borrower obtaining a VA loan is deployed at the time of loan closing. Which of the following individuals is able to sign on behalf of the borrower?

• A.A co-borrower
• B.A purchasing spouse
• C.A non-purchasing spouse
• D.Someone with designated power of attorney

Loan applications must include all of the following information with respect to mortgage loan originators (MLOs) except the:

• A.Return fax number.
• B.Employer's NMLS unique identifier.
• C.MLO's name.
• D.MLO's NMLS unique identifier.

If an applicant provides a waiver for the requirement to receive their appraisal three business days prior to a loan's consummation and the transaction ends up not closing at all, a creditor must still provide a copy of the appraisal no later than how many days after the creditor determines consummation will not occur?

• A.30 days
• B.60 days
• C.45 days
• D.10 days