MLO Practice Exam test with possible
solutions(100%)
1. All of the following information is provided under Section X of the 1003,
except:
a.) Ethnicity
b.) Name and address of employer
c.) Sex
d.) Race
ANSWER) Name and address of employer
2. Section X of the URLA contains information on:
a.) Assets and Liabilities
b.) Information for Government Monitoring Purpose
c.) Declarations
d.) Details of transaction
ANSWER) Information for Government Monitoring Purpose
3. When determining the best options for a potential borrower, an MLO must
1/4
, always find what?
a.) Nonconventional
b.) Federal Housing Administration
c.) Nonconforming
d.) Department of The Veterans Administration
ANSWER) Nonconforming
4. Choose the best answer. All of the following are Government loan programs
or types, except:
a.) Nonconventional
b.) Federal Housing Administration
c.) Nonconforming
d.) Department of the Veterans Administration
ANSWER) Nonconforming
5. What is the purpose of Title IX
ANSWER To ensure the borrower acknowledges that theinformation provided in
the application is accurate and correct
6. If you are an MLO speaking to a potential client in person and at section X
of the URLA they refuse to provide the information for monitoring purposes,
what must you do
ANSWER Mark only the ones you can confirm through visual observation
7. What type of income documentation must the processor collect for a
self-employed borrower?
a.) 2 years W2s
2/4
solutions(100%)
1. All of the following information is provided under Section X of the 1003,
except:
a.) Ethnicity
b.) Name and address of employer
c.) Sex
d.) Race
ANSWER) Name and address of employer
2. Section X of the URLA contains information on:
a.) Assets and Liabilities
b.) Information for Government Monitoring Purpose
c.) Declarations
d.) Details of transaction
ANSWER) Information for Government Monitoring Purpose
3. When determining the best options for a potential borrower, an MLO must
1/4
, always find what?
a.) Nonconventional
b.) Federal Housing Administration
c.) Nonconforming
d.) Department of The Veterans Administration
ANSWER) Nonconforming
4. Choose the best answer. All of the following are Government loan programs
or types, except:
a.) Nonconventional
b.) Federal Housing Administration
c.) Nonconforming
d.) Department of the Veterans Administration
ANSWER) Nonconforming
5. What is the purpose of Title IX
ANSWER To ensure the borrower acknowledges that theinformation provided in
the application is accurate and correct
6. If you are an MLO speaking to a potential client in person and at section X
of the URLA they refuse to provide the information for monitoring purposes,
what must you do
ANSWER Mark only the ones you can confirm through visual observation
7. What type of income documentation must the processor collect for a
self-employed borrower?
a.) 2 years W2s
2/4
