An MLO calls a consumer who immediately states 'Please put me on your do-not-call list.' What must the MLO do?
Correct Answer
B) End the call immediately and add the number to the company's internal do-not-call list
Under the TSR, when a consumer makes a do-not-call request during a telemarketing call, the telemarketer must end the call promptly and place the consumer's number on the company's internal do-not-call list within a reasonable time, not to exceed 30 days.
Why This Is the Correct Answer
Under the TSR, when a consumer makes a do-not-call request during a telemarketing call, the telemarketer must end the call promptly and place the consumer's number on the company's internal do-not-call list within a reasonable time, not to exceed 30 days.
More Ethics & Fraud Questions
A lender's mobile app prominently displays a 'pre-qualification' feature that asks for minimal information but generates loan amount estimates that are consistently 20-30% higher than what borrowers actually qualify for when they complete full applications. The app includes a disclaimer that estimates are 'subject to full underwriting.' This practice is most likely:
An MLO discovers that multiple loan applications from different borrowers contain identical handwriting in the signature sections, despite different purported signers. The applications were submitted by different real estate agents. What is the most appropriate immediate action?
A mortgage loan originator receives a lead from a real estate agent about a potential borrower. Before calling this consumer, the MLO must:
An MLO tells Asian applicants that they need larger down payments 'because that's what investors prefer for your type of loan,' while telling similarly qualified white applicants that standard down payments are acceptable. This practice represents:
A mortgage company advertises 'Guaranteed approval for all credit types!' but internally has minimum credit score requirements of 580. This advertisement is problematic because it:
People Also Study
Federal Mortgage-Related Laws
23% of exam
General Mortgage Knowledge
23% of exam
Mortgage Loan Origination Activities
25% of exam
Uniform State Test Content
12% of exam
Previous Question
An employment verification form is returned showing the borrower earns $6,500 monthly, but the company's website lists this position's salary range as $35,000-$45,000 annually. The HR contact's phone number traces to a virtual phone service. What is the most significant red flag?
Next Question
A credit union's policy requires borrowers to have been employed at the same job for 24 months, with no exceptions. Statistical analysis shows this requirement excludes 40% of single mothers compared to 15% of married applicants. The credit union argues it reduces default risk. This scenario represents: