A mortgage loan originator (MLO) received a salary of 1% per loan plus a bonus of $5,000 for closing the most loans in the office last year. In addition, he received a trip to Hawaii based on closing 100 or more transactions with an interest rate of 5% or higher. Is the MLO's compensation prohibited?
Answer(s): D
https://www.federalreserve.gov/supervisionreg/regzcg.htm
Which of the following statements is permissible in an advertisement?
Answer(s): A
https://www.consumerfinance.gov/rules-policy/regulations/1026/24/
A borrower has told the mortgage loan originator that they had recently paid off an account that was listed on their credit report. Which of the following information will they need to provide the lender to prove the account has been paid off?
Answer(s): B
https://www.bankrate.com/mortgages/proof-of-funds-letter/
Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?
Answer(s): C
https://financialcrimeacademy.org/aml-compliance-for-mortgage-lenders/
Prepaid charges include which of the following items?
https://www.investopedia.com/terms/p/prepaid-finance-charge.asp
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