Question 1 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link To qualify for a mortgage loan originator license, a person must: A. be a high school graduate. B. be at least 21 years of age. C. complete required prelicensing education. D. have a degree in finance or two years of banking experience. Submit Answer
Question 2 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link Altering a borrower's income verification to increase the likelihood of loan approval is: A. prohibited by federal law. B. allowed with an underwriting waiver. C. allowed on No-income/No-asset loans. D. allowed on government-sponsored enterprise loans. Submit Answer
Question 3 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link A mortgage loan originator paying compensation to a real estate agent for client referrals is: A. prohibited unless the client is notified and consents to the payment. B. considered an illegal kickback prohibited by the Real Estate Settlement Procedures Act (RESPA). C. permission is limited to meals or other noncash gifts. D. permission is limited to payment for the real estate agent’s related business expenses. Submit Answer
Question 4 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link A mortgage loan originator is permitted to take which of the following actions to have the appraiser increase the appraised value of a property? A. Offer to share their commission with the appraiser B. Provide the appraiser with recent sales that demonstrate that the value should be higher. C. Provide the appraiser with an offer of more business as an incentive to increase the value. D. Advise the appraiser that they will not receive future business unless the appraised value is increased. Submit Answer
Question 5 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link A real estate agent calls a mortgage loan originator (MLO) and states that a potential property buyer needs to be prequalified for a mortgage. The real estate agent states that the home's sellers do not want the potential buyers to purchase the home because they affiliate with a certain religion. In which of the following ways should the MLO respond? A. Avoid the situation by referring the real estate agent to another MLO with more experience in that neighborhood B. Tell the real estate agent that neither party is permitted to do anything that would discriminate or discourage anyone from applying for a mortgage C. Tell the real estate agent that the sellers are not permitted to discriminate, but the MLO will do what they can to discourage the buyers from applying so that they will not be hurt. D. Be honest with the borrowers and let them know that they may want to look for a different home because the sellers may not accept an offer from them Submit Answer