UTAH MLO EXAM QUESTIONS CORRECTLY ANSWERED.
Red Flag Rules - CORRECT ANSWER ABC Bank receives a change of address request from consumer Jane. What requires the bank to follow up with Jane to verify the validity of the request?
A consumer has no right to a free copy of his credit score. - COR...
UTAH MLO EXAM QUESTIONS
CORRECTLY ANSWERED.
Red Flag Rules - CORRECT ANSWER ABC Bank receives a change of address request from consumer Jane.
What requires the bank to follow up with Jane to verify the validity of the request?
A consumer has no right to a free copy of his credit score. - CORRECT ANSWER According to the Fair
Credit Reporting Act, when is a consumer entitled to get a free copy of his credit score from a credit
reporting agency (assuming there has been no fraud)?
can call Bob for up to 3 months from the meeting date. - CORRECT ANSWER Bob meets with a loan
originator at XYZ Mortgage Company to inquire about loan options. His name is on the National Do Not
Call Registry. XYZ
if the loan application is denied because of information in the report - CORRECT ANSWER According to
the FCRA, when must a credit agency give a consumer a free copy of his credit report?
An applicant was refused credit due to insufficient income. - CORRECT ANSWER According to the Fair
Credit Reporting Act, which situation does NOT entitle someone to a free copy of his credit report?
Have her check the box indicating she does not wish to furnish the information, then answer it according
to visual observation when she leaves. - CORRECT ANSWER A consumer comes into your office to apply
for a loan. The Home Mortgage Disclosure Act requires you to collect information about her race. If she
does not wish to provide information for that section of the application, what do you do?
$16,000 - CORRECT ANSWER A telemarketer can be fined how much for calling someone registered on
the National Do Not Call Registry?
March 1st - CORRECT ANSWER After the collection of statistical data, lenders are required to forward
that information to the regulator by what date under the Home Mortgage Disclosure Act?
, 15 - CORRECT ANSWER ABC Mortgage transferred servicing rights of some of its mortgage loans to XYZ
Mortgage. ABC must send a Servicing Transfer Statement to the affected borrowers ______ days before
the effective date of transfer.
a man who wants to know his fiancee's credit score - CORRECT ANSWER According to the Fair Credit
Reporting Act, which of these would NOT have a valid need to information from a consumer credit
reporting agency?
The gift is not expected to be repaid. - CORRECT ANSWER A gift letter for down payment money states
what to the lender?
monthly payments are usually higher. - CORRECT ANSWER A disadvantage of a 15-year loan versus a 30-
year loan is
mortgage that occurs between the termination of one mortgage and the beginning of the next. -
CORRECT ANSWER A bridge mortgage is described as a
from an adjustable rate mortgage to a fixed rate mortgage - CORRECT ANSWER A convertible ARM
allows a borrower to change
prepayment clause. - CORRECT ANSWER A debtor who is required to pay an extra 3% of the total loan
amount if more than 20% of the principal is repaid during the first five years of the term is bound to
these terms under a
a balloon. - CORRECT ANSWER A final payment at the end of a loan term to pay off the entire remaining
principal and interest balance NOT covered by payments during the loan term is
subprime - CORRECT ANSWER A borrower with less than perfect credit or other risk factors may qualify
most easily for what type of loan?
loan amount. - CORRECT ANSWER A discount point is calculated as 1% of the
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