A borrower asks an MLO to contact the appraiser to discuss property features that might affect value. The MLO should:
Correct Answer
C) Provide factual property information through proper channels without attempting to influence value
Appraisal independence regulations allow for the provision of factual property information through established procedures, but prohibit attempts to influence the appraiser's opinion of value. The MLO can provide objective information without crossing the line into prohibited influence.
Why This Is the Correct Answer
Appraisal independence regulations allow for the provision of factual property information through established procedures, but prohibit attempts to influence the appraiser's opinion of value. The MLO can provide objective information without crossing the line into prohibited influence.
More UST Questions
If a state regulatory authority finds violations during an examination, what factors typically influence the severity of enforcement action?
Under the SAFE Act, an individual who works for a federally chartered bank and takes mortgage applications must:
An MLO under investigation claims that certain requested documents are protected by attorney-client privilege because they were prepared in consultation with legal counsel. How should the state regulator respond?
Which scenario represents the MOST serious violation of appraisal independence requirements?
An MLO's license is suspended for 6 months, but after 3 months, the MLO demonstrates completion of remedial actions. Can the regulator lift the suspension early?
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A mortgage loan originator's license may be suspended by the state regulatory authority for which of the following reasons?
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An MLO tells a borrower that FHA loans have no down payment requirement. In reality, FHA loans require a minimum 3.5% down payment. This statement is: