A borrower mentions to their MLO that they plan to tell the appraiser about expensive renovations they completed. The MLO should:
Correct Answer
C) Recommend the borrower provide documentation of improvements
Recommending that borrowers provide factual documentation of property improvements is appropriate and does not constitute coaching or appraisal influence. MLOs can suggest proper documentation without improperly influencing the appraisal process.
Why This Is the Correct Answer
Recommending that borrowers provide factual documentation of property improvements is appropriate and does not constitute coaching or appraisal influence. MLOs can suggest proper documentation without improperly influencing the appraisal process.
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 loan originator discovers that an appraiser used an incorrect square footage measurement that significantly understated the property size. The most appropriate action is to:
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