FREE The Loan Officer Questions and Answers

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A consumer report will stop include ALL of the following after seven years, EXCEPT?

Correct! Wrong!

Explanation:
After the discharge date, a bankruptcy normally stays on a consumer record for 10 years.

What must a consumer do before receiving and electronically signing electronic loan disclosures?

Correct! Wrong!

Explanation:
To receive electronic records, a consumer must correctly give their consent.

How long must a copy of any advertising materials utilized by a mortgage loan originator be kept on file?

Correct! Wrong!

Explanation:
Regulation N states that any advertising for a mortgage product must be documented and maintained on file
for 24 months.

How long does a person's name stay on the national do-not-call list if they don't take it off?

Correct! Wrong!

Explanation:
The national do-not-call registry will keep a customer on it permanently, or until the customer chooses to be
taken off of it.

Each of the following can result in a fraud alert, EXCEPT?

Correct! Wrong!

Explanation: Fraud warnings are for victims of fraud, not those who conduct fraud.

What is NOT regarded as a condition if a borrower wants to start the cancellation of private mortgage insurance (PMI)?

Correct! Wrong!

Explanation:
When a borrower asks to have PMI removed, it is not necessary to check their credit.

A suspicious activity report (SAR) has to be submitted within ____ calendar days of the incident that warranted it.

Correct! Wrong!

Explanation:
After a suspicious activity is discovered, a suspicious activity report (SAR) must be submitted no later than
30 calendar days later.

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