A fingerprint-based background check reveals that an MLO applicant was arrested 3 years ago for identity theft but charges were later dropped due to mistaken identity. The applicant failed to disclose this on their MU4. What is the consequence?
Correct Answer
B) Potential denial for failure to disclose required information
All arrests and charges must be disclosed on the MU4, regardless of outcome. Failure to disclose required information, even when charges were dropped, can result in denial for providing false or misleading information on the application.
Why This Is the Correct Answer
All arrests and charges must be disclosed on the MU4, regardless of outcome. Failure to disclose required information, even when charges were dropped, can result in denial for providing false or misleading information on the application.
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An MLO took a 4-hour continuing education course on January 15th and another 4-hour course on March 20th of the same year. Both courses covered federal mortgage regulations. How many hours can be applied toward the annual requirement?
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Which federal agency does NOT supervise federally registered mortgage loan originators?