Morgan notices a compliance issue tied to prequalification and debt updates and debt updates. What is the best next step?
Correct Answer
D) Do not treat prequalification as final approval
Prequalification is preliminary and must be updated with verified debts, income, and application facts. The best answer is "Do not treat prequalification as final approval".
Why This Is the Correct Answer
Prequalification is preliminary and must be updated with verified debts, income, and application facts. The best answer is "Do not treat prequalification as final approval".
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An MLO is reviewing procedures for a case where the person preparing the valuation would be paid more if the value is higher. What is the proper handling?
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