A borrower presents a bank statement showing consistent deposits labeled 'Mobile Deposit.' What additional documentation should the MLO request?
Correct Answer
B) Source documentation for the deposited items (pay stubs, etc.)
Mobile deposits still require source documentation to verify the origin and legitimacy of the funds. The MLO must trace deposits back to their original source to ensure proper income and asset verification.
Why This Is the Correct Answer
Mobile deposits still require source documentation to verify the origin and legitimacy of the funds. The MLO must trace deposits back to their original source to ensure proper income and asset verification.
More Origination Questions
A borrower has a construction-to-permanent loan with a 12-month construction phase. At month 10, construction is only 60% complete due to delays. What is the most likely outcome?
For a construction-to-permanent loan, when must the initial Closing Disclosure be provided for the construction phase?
During a refinance transaction, the appraiser determines that significant unpermitted additions were made to the property. The appraiser wants to discuss this with the MLO before finalizing the report. What should the MLO do?
An appraiser discovers that a property has significant foundation issues that were not disclosed. The appraiser reduces the property value by $25,000 and includes detailed comments about the structural problems. The loan officer is upset because this will kill the deal. Under AIR, the loan officer:
An MLO's compensation structure includes higher payments for certain loan products. When is it acceptable to recommend these higher-compensated products?
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A borrower requests to add their spouse to the loan application 8 days after receiving the initial Loan Estimate. This change affects the debt-to-income ratio and loan pricing. What is required?
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A lender provides a Loan Estimate on Monday. On Wednesday, the borrower provides additional documentation that reveals the property value is significantly lower than initially stated. When must the lender provide a revised Loan Estimate?