MLO Practice Exam Questions with Answers (100% Correct Answers)

1


MLO Practice Exam Questions with Answers (100%
Correct Answers)

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: b.) Name and address of employer

Section X of the URLA contains information on:




a.) Assets and Liabilities

b.) Information for Government Monitoring Purpose

c.) Declarations




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d.) Details of transaction— Answer: b.) Information for Government

Monitoring Purpose

When determining the best options for a potential borrower, an MLO

must always find what?




a.) Nonconventional

b.) Federal Housing Administration

c.) Nonconforming

d.) Department of The Veterans Administration— Answer: c.)

Nonconforming

Choose the best answer. All of the following are Government loan

programs or types, except:




a.) Nonconventional

b.) Federal Housing Administration

c.) Nonconforming

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