Which of the following individuals is required to be licensed as a mortgage loan originator (MLO)?

• A.A seller providing financing to the purchaser of a dwelling owned by the seller
• B.A loan processor performing clerical duties under the direction and supervision of a licensed broker
• C.An MLO's assistant explaining and describing the steps that a borrower will need to take in order to obtain a loan
• D.An underwriter presenting a revised loan offer to a borrower under the direction and supervision of a licensed lender

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Which of the following acts or practices violates appraisal independence?

• A.The mortgage loan originator (MLO) asks the appraiser to correct errors on the appraisal.
• B.The MLO asks the appraiser for a minimum valuation of the property so that the loan-to-value meets lending requirements.
• C.The MLO asks the appraiser to consider additional comparable properties to make or support an appraisal.
• D.The MLO asks the appraiser to provide further detail or explanation for the appraiser's value conclusion.

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It is acceptable for a lender to request a co-applicant in which of the following situations?

• A.The borrower will not qualify for the loan on their own.
• B.The borrower's future income is dependent on the co-applicant.
• C.The co-applicant will be residing in the house with the borrower.
• D.The co-applicant is gifting money to the borrower to make a down payment on a purchase-money mortgage

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An appraiser agrees to give a mortgage loan originator (MLO) half of her appraisal fees in return for the MLO's future business. This illegal practice is known as:

• A.redlining.
• B.fee splitting.
• C.blockbusting.
• D.paying it forward.

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Which of the following federal laws requires mortgage lenders to adopt and follow anti-money laundering (AML) rules and regulations?

• A.The National Bank Act
• B.The National Currency Act
• C.The Bank Secrecy Act
• D.The Real Estate Settlement Procedures Act

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