Which statement is most accurate about basic preapplication information under North Carolina MLO law or NCCOB guidance?
Correct Answer
B) Basic preapplication intake can stay outside MLO activity when it does not include credit-history review, social security number, credit score, employment history, or specific rates.
Basic preapplication intake can stay outside MLO activity when it does not include credit-history review, social security number, credit score, employment history, or specific rates. North Carolina defines preapplication activity to exclude offering or negotiating specific mortgage loan rates or terms, reviewing credit history, and other facts that move beyond simple intake.
Why This Is the Correct Answer
Basic preapplication intake can stay outside MLO activity when it does not include credit-history review, social security number, credit score, employment history, or specific rates. North Carolina defines preapplication activity to exclude offering or negotiating specific mortgage loan rates or terms, reviewing credit history, and other facts that move beyond simple intake.
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