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)?

a minimum credit score depending on the loan product

providing a written request to the loan servicer to remove the insurance

a good payment history

Correct! Wrong!

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

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

indefinitely

5 years

7 years

10 years

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.

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

civil judgments (unless the statute of limitations is longer)

bankruptcy

paid taxes liens from the date of payment

accounts placed for collection

Correct! Wrong!

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

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

15

30

45

60

Correct! Wrong!

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?

receive training on e-disclosures

provide a copy of an actual signature

properly consent a receive e-disclosures

register an email address with the lender

Correct! Wrong!

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

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

when a consumer's credit report reflects that he or she has filed a criminal pertaining to identify theft

when a consumer's credit report reflects that he or she is an active duty military member

when a consumer's credit report shows that he or she is under investigation for committing fraud

when a consumer's credit report shows that he or she is a victim of fraud

Correct! Wrong!

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

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

36 months

24 month

12 months

6 months

Correct! Wrong!

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

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)?

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

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

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

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

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

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

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