An MLO's business card must include which of the following information?
Correct Answer
C) Both individual and company NMLS IDs
Under SAFE Act requirements, all advertising and promotional materials, including business cards, must include both the individual MLO's unique NMLS identifier and the company's NMLS identifier.
Why This Is the Correct Answer
Under SAFE Act requirements, all advertising and promotional materials, including business cards, must include both the individual MLO's unique NMLS identifier and the company's NMLS identifier.
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:
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A mortgage company's website features a testimonial from a customer stating 'I saved $500 per month!' without any context about the customer's specific situation. This practice is:
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A borrower provides a Social Security card that appears to have been recently issued but claims to have worked in the U.S. for 10 years. This suggests: