Which of the following would NOT typically disqualify an MLO applicant based on financial responsibility standards?
Correct Answer
D) A bankruptcy discharge from 4 years ago with no subsequent credit issues
A bankruptcy that has been discharged and followed by a period of responsible credit management typically would not disqualify an applicant, as it shows rehabilitation. Current financial problems or unresolved obligations are more concerning.
Why This Is the Correct Answer
A bankruptcy that has been discharged and followed by a period of responsible credit management typically would not disqualify an applicant, as it shows rehabilitation. Current financial problems or unresolved obligations are more concerning.
More UST Questions
What is the minimum net worth requirement for a mortgage lender licensee in Pennsylvania?
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