FREE The Loan Officer Questions and Answers
What is NOT regarded as a condition if a borrower wants to start the cancellation of private mortgage insurance (PMI)?
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.
Explanation:
After a suspicious activity is discovered, a suspicious activity report (SAR) must be submitted no later than
30 calendar days later.
What must a consumer do before receiving and electronically signing electronic loan disclosures?
Explanation:
To receive electronic records, a consumer must correctly give their consent.
Each of the following can result in a fraud alert, EXCEPT?
Explanation: Fraud warnings are for victims of fraud, not those who conduct fraud.
How long does a person's name stay on the national do-not-call list if they don't take it off?
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.
How long must a copy of any advertising materials utilized by a mortgage loan originator be kept on file?
Explanation:
Regulation N states that any advertising for a mortgage product must be documented and maintained on file
for 24 months.
A consumer report will stop include ALL of the following after seven years, EXCEPT?
Explanation:
After the discharge date, a bankruptcy normally stays on a consumer record for 10 years.