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Exam-Ethics Flashcards

This is a-d choices

1
Q

A borrower attends a seminar on how to get rich by investing in real estate with no money down. A third party encourages the borrower to invest in three real estate properties. Under the third party’s guidance the borrower completes the applications and provides the specific documentation required. The borrower is unaware that the third party owned numerous properties in the name of an LLC and submitted applications on not just the three properties known to the borrower but on a total of 15 properties, this is an example of:

a) Buy and Bail Fraud
b) Builder Bailout Fraud
c) Loan Modification Scheme
d) Chunking

A

d) Chunking

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2
Q

A borrower colluded with a mortgage broker to use the borrower’s property as collateral for numerous home equity lines of credit (HELOCs) at different financial institutions. The scheme was executed by closing on multiple HELOCs in a short period of time to take advantage of the delay in recording the mortgages. In addition, the mortgage broker misrepresented the borrower’s financial information in order to increase the borrower’s debt capacity. The property with less than $125,000 in equity was used to obtain over $1 million in credit from several financial institutions. This is an example of:

a) Double Selling
b) Flipping
c) Churning
d) Chunking

A

a) Double Selling

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3
Q

A borrower is looking to purchase a new home, this new home is smaller than their current home and less expensive. They tell the MLO that they intend to sell their current home once they’ve gotten a new home. The borrower closes on their new home and promptly defaults on their old home, this is called:

a) Buy and Bail
b) Air Loan
c) Loan Modification Fraud
d) Foreclosure Rescue Schemes

A

a) Buy and Bail

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4
Q

A borrower wants to purchase a second home and tells you that they intend to rent the property out when they are not living in it. You have reviewed their financial information and realize that the borrower would qualify for financing if the property is classified as a second residence. However, if the property is classified as an investment property, the borrower is unlikely to qualify. What should you do?

a) Classify the property as a rental property even though the borrower intends to reside there part of the year.
b) Classify the property as a 2nd residence; since the borrower intends to use the property for part of the year, this is acceptable.
c) Classify the property as a 2nd residence because it is not legal for the borrower to personally reside in a property classified as a rental for any length of time.
d) Deny the borrower because it is neither legal to rent out a 2nd residence or reside in a rental property for any length of time.

A

b) Classify the property as a 2nd residence; since the borrower intends to use the property for part of the year, this is acceptable.

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5
Q

A credit card company has a written policy that anyone between the age of 21-27 can only have a credit limit of $1,000 and anyone over 30 automatically gets a credit limit of $5,000. This is an example of:

a) Predatory Lending
b) Overt discrimination
c) Redlining
d) Blockbusting

A

b) Overt discrimination

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6
Q

A fraudster uses a straw buyer to purchase a home for the purpose of defaulting on the mortgage loan. The straw buyer makes no payments on the loan and the property goes into default. Prior to foreclosure the fraudster makes an offer to purchase the property from the lender in a short sale agreement below market value. The lender agrees without knowing that the short sale was premeditated. This is an example of:

a) Reverse Mortgage Fraud
b) Loan Modification Fraud
c) Short Sale Fraud
d) Buy and Bail Fraud

A

c) Short Sale Fraud

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7
Q

A hazard insurance company hosts a dinner for the employees of a mortgage broker. The designated broker encourages the employees to send clients to the insurance company. Who has violated RESPA?

a) MLO
b) Insurance Agent
c) Both the Hazard Insurance Company and the Mortgage Broker
d) Processor

A

c) Both the Hazard Insurance Company and the Mortgage Broker

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8
Q

A history showing the title changes regarding a property is required by an underwriter for what purpose?

a) To verify the absence of property flipping
b) To determine if there have been any forgeries
c) To establish that the boundaries are correct
d) To give a chronological record of all liens

A

d) To give a chronological record of all liens

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9
Q

A lender has a minimum loan amount that they will lend on, that minimum loan amount is $150,000. The average home value to a minority in the neighborhood is $100,000, so the lender does not help anyone in that minority lender, this would be:

a) Disparate treatment
b) Disparate impact
c) Overt discrimination
d) Comparative evidence

A

b) Disparate impact

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10
Q

A low introductory rate on an adjustable-rate mortgage is called:

a) Index
b) Teaser Rate
c) Interest Rate
d) Payment Rate

A

b) Teaser Rate

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11
Q

A mortgage broker advertises a 3.5% fixed payment on a 30-year loan implying that the offer was for a 30-year loan with a 3.5% fixed interest rate. The broker instead offered ARMs with an option to pay various amounts, including a minimum monthly payment that represented only a portion of the required interest. This is an example of a:

a) A UDAAP
b) Fraud for Profit
c) Predatory Lending
d) Fraud for criminal enterprise

A

c) Predatory Lending

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12
Q

A mortgage originator must act both ethically and responsibly. Which of the following is not considered unethical?

a) Locking the interest rate for a loan application with two lenders at the same time.
b) Delaying a closing to obtain additional income on fees.
c) Provide guidance in writing a credit explanation letter.
d) Having a buyer sign forms in blank for convenience.

A

c) Provide guidance in writing a credit explanation letter.

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13
Q

A potential borrower calls you for rates and programs. Assume that they are on the DNC Registry. You are allowed to call them back for what period of time?

a) 30 days
b) 3 months
c) 1 year
d) 18 months

A

a) 30 days

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14
Q

A potential client is shopping around for a competitive rate and a 15-day lead time to close. The brokerage you work for offers highly competitive rates, has an average lead to close time of 30 days, and a fast lead to close time of 21 days. Understanding these figures, you tell the client you can meet their demands and secure their business. This action is:

a) legal but unethical.
b) illegal but ethical.
c) illegal and unethical.
d) legal and ethical.

A

a) legal but unethical.

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15
Q

A Property is purchased, a fraudulently higher value appraisal is created, and then it is quickly sold. Which of the following is the type of fraud being described?

a) Quit Claim
b) Silent Seconds
c) Property Flipping
d) Incentive Fraud

A

c) Property Flipping

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16
Q

A real estate agent receives a $50 restaurant gift certificate from a mortgage broker as a token of appreciation for referring a home buyer to the mortgage broker. Which of the following laws was violated as a result of this transaction?

a) TILA
b) ECOA
c) FCRA
d) RESPA

A

d) RESPA

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17
Q

A transaction where the buyers have signed a contract to purchase real property, but have the intention of immediately selling it to another buyer can be a sign of:

a) FICO
b) A kickback
c) A service release premium
d) Illegal Property Flipping

A

d) Illegal Property Flipping

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18
Q

A university student database, which included social security numbers and other personal identifying information, is compromised by a computer hacker. The investigation revealed that the hacker subsequently sold the personal identification information to a third party, who then proceeds to submit falsified mortgage loan applications to numerous financial institutions which resulted in approximately $5 million in losses to the financial institutions. This is an example of:

a) Fraud for Criminal Enterprise
b) Fraud for housing
c) Identity Theft
d) Redlining

A

c) Identity Theft

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19
Q

What fact about a borrower must be considered by the underwriter, when underwriting a mortgage loan application?

a. Ancestry
b. Receipt of Public Assistance
c. Marital Status
d. MLO

A

b.Receipt of Public Assistance

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20
Q

ABC builder is trying to sell their unsold units in a subdivision, they are offering excessive seller concessions and down payment assistance to elevate the sales price on the homes, this is an example of:

a) A Builder Bailout Scheme
b) An Air Loan Scheme
c) Excessive Seller Concessions Fraud
d) Fraud for Criminal Enterprise

A

a) A Builder Bailout Scheme

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21
Q

ABC Mortgages makes a loan with the consumer even though he is unlikely to repay it, anticipating that they will eventually foreclose and get the borrower’s equity in the property. This is an example of:

a) Predatory Lending
b) Prime Lending
c) Secondary Lending
d) Subprime Lending

A

a) Predatory Lending

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22
Q

According to BSA/AML, if insider abuse is involved in any transaction, what must happen?

a) A SAR must be filed within 30 days
b) A SAR must be filed within 60 days
c) A SAR is not required in this situation
d) A SAR should be filed within 5 days

A

a) A SAR must be filed within 30 days

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23
Q

An applicant for a real estate loan cannot be asked about:

a) Religion
b) Ethnicity
c) Liabilities
d) Income

A

a) Religion

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24
Q

An estimate made by a mortgage loan originator of the amount of a loan for which the buyer can qualify based on his statements regarding his financial condition is called:

a) Pre-qualification
b) Loan Servicing
c) Loan Underwriting
d) Loan Originating

A

a) Pre-qualification

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25
Q

An investor is pitching the sale of properties as opportunities to new real estate investors, promising improbably high returns and loan risks, this could be considered:

a) Churning
b) Chunking
c) Buy and Bail
d) Affinity Fraud

A

b) Chunking

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26
Q

An MLO leaves a borrower’s file open on his/her desk for just a moment. An Identity thief sees the borrower’s credit report which contains a huge amount of information. Fortunately the MLO quickly returns. What potential Federal laws is the MLO violating?

a) ECOA and RESPA
b) HMDA and TILA
c) RESPA and MDIA
d) FACTA and GLBA

A

d) FACTA and GLBA

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27
Q

Arlo is underwater on his current property so he decides to purchase a new home in a neighborhood right near his current home. He closes on the property and then lets his old home go into foreclosure; this is an example of:

a) Illegal Property Flipping
b) Loan Modification Fraud
c) Buy and Bail Fraud
d) A Builder Bailout

A

c) Buy and Bail Fraud

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28
Q

Considering the legislation of the Secure and Fair Enforcement Act (S.A.F.E. Act) of 2008, originating a loan for a family member or other blood relation is considered:

a) illegal but ethical.
b) legal but unethical.
c) illegal and unethical.
d) legal and ethical.

A

d) legal and ethical.

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29
Q

Failing to post payments timely or properly or to credit a consumer’s account with payments that the consumer submitted on time and then charging late fees to that consumer would be considered:

a) A UDAAP
b) Predatory Lending
c) Fraud for Profit
d) Fraud for Housing

A

a) A UDAAP

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30
Q

Fannie Mae requires that a borrower maintain property insurance equal to:

a) The purchase price
b) The greater of the insurable value of the improvements or the loan balance
c) The lesser of the insurable value of the improvements or the loan balance
d) The loan amount

A

c) The lesser of the insurable value of the improvements or the loan balance

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31
Q

For which of the following reasons would it be permissible to refuse to take an application from a potential borrower?

a) Borrower is on public assistance.
b) She is hispanic
c) The borrower has alluded to the fact that she is submitting false documents in order to qualify for a larger loan.
d) She has applied at another mortgage company.

A

c) The borrower has alluded to the fact that she is submitting false documents in order to qualify for a larger loan.

32
Q

Gramm-Leach-Bliley’s Safeguards Rule requires financial institutions to maintain safeguards in order to:

a) Maintain updated customer information
b) Provide customers access to their records
c) Make it easier to retrieve customer information
d) Protect consumer information from unauthorized people

A

d) Protect consumer information from unauthorized people

33
Q

Identity theft can be defined as assuming the use of another person’s personal information (e.g., name, SSN, credit card number, etc.) without the person’s knowledge and the fraudulent use of such knowledge to obtain credit. Perpetrators commit identity theft to execute schemes using fake documents and false information to obtain mortgage loans. This is an example of:

a) Using a strawbuyer
b) Disparate impact
c) Redlining
d) Fraud for Profit

A

d) Fraud for Profit

34
Q

If a rate is locked and interest rates drop during the lock-in period:

a) The lender will drop the rate to be charged the borrower.
b) The borrower cannot apply for a different loan at the new rate.
c) The borrower must pay a higher rate to compensate for the lender’s inability to charge the higher rate on new applications.
d) The lender will not drop the rate to be charged to the borrower.

A

a) The lender will drop the rate to be charged the borrower.

35
Q

If an MLO suggests to a client that he pick a specific product just because the MLO gets paid a higher commission, that MLO would be guilty of:

a) Blockbusting
b) Flipping
c) Redlining
d) Steering

A

d) Steering

36
Q

If fraud is discovered by the servicer, what is LEAST likely to occur?

a) The borrower will experience a rate increase
b) A buyback by the originating lender
c) Calling the note due
d) The originating lender returns any premium fees

A

a) The borrower will experience a rate increase

37
Q

In order for a borrower to obtain a VA loan they will have to:

a) Ensure that the seller of the property makes any necessary repairs.
b) Apply to the FHA for the loan.
c) Pay a funding fee.
d) Make a down payment.

A

a) Ensure that the seller of the property makes any necessary repairs.

38
Q

It is allowed to discriminate under ECOA if:

a) The borrower is too young to enter into legally binding documents.
b) The borrower is too old to understand.
c) The borrower doesn’t speak the same language; you cannot communicate.
d) Never.

A

a) The borrower is too young to enter into legally binding documents.

39
Q

It is permissible for loan processors to:

a) Call the borrower and ask them if they want to lock.
b) Consult the borrower about interest rates.
c) Contact loan applicants in order to obtain information needed to process a loan.
d) Lock their interest rate.

A

c) Contact loan applicants in order to obtain information needed to process a loan.

40
Q

Loan documentation fraud may include any of the following except:

a) The MLO.
b) The lender.
c) The borrower.
d) The realtor.

A

b) The lender.

41
Q

Mike Maxwell is a small business owner who is applying for a refinance on his home. During the loan application interview, he asks how much income he needs to show in order to qualify for the loan. What is the most ethical?

a) “Not to worry, we will use stated income.”
b) “Lets review your tax returns and bank statements to determine your income.”
c) “You won’t need tax returns.”
d) “Debt to Income is not part of this loan.”

A

b) “Lets review your tax returns and bank statements to determine your income.”

42
Q

On a Federal Residential Loan Application: You initially disclose a rate of 5% to the customer but are floating the rate. Over the next few days, rates improve and you have the option to lock the customer in at a rate of 4.75% and earn the same compensation. This behavior would be considered:

a) illegal and unethical.
b) legal and ethical.
c) illegal but ethical.
d) legal but unethical.

A

b) legal and ethical.

43
Q

Several insiders of a mortgage company fraudulently sold serviced loans belonging to other financial institutions and kept the proceeds. An insider modified data in the servicing system to make it appear the loans were still being serviced and were current. The insider is compensated handsomely by the borrowers. This is an example of:

a) Fraud for Profit
b) Fraud for Housing
c) Fraud for Criminal Enterprise
d) Fraud for Friendship

A

a) Fraud for Profit

44
Q

The practice of lenders refusing to provide financing to qualified applicants on reasonable terms and conditions due to the geographic area in which the property is located is:

a) Steering
b) Blockbusting
c) Defining
d) Redlining

A

d) Redlining

45
Q

The Uniform Residential Loan Application includes a section requesting information for government monitoring. Applicants must complete this section:

a) If they are applying for an FHA/VA loan or a federally sponsored program
b) Only if they volunteer
c) In all cases
d) Only on refinances

A

b) Only if they volunteer

46
Q

This involves conspiratorial involvement of individuals using the mortgage market to benefit financially from criminal behavior.

a) Fraud for Profit
b) No violation
c) Consumer Fraud
d) Investor Fraud

A

a) Fraud for Profit

47
Q

Under FACTA how many free credit reports from each bureau can a consumer receive each calendar year?

a) 4
b) 3
c) 2
d) 1

A

d) 1

48
Q

Under Mortgage Acts and Practices (MAP), which is considered legal?

a) Telling the borrower they don’t do loans less than $150,000.
b) “We have a 30 year mortgage at 2.5%” - when it is inferring that is a fixed rate mortgage, when in fact it is an ARM loan.
c) Disclosing all the loan terms
d) Telling the borrower that you do not borrow to people that have been divorced.

A

c) Disclosing all the loan terms

49
Q

Under RESPA, which of the following would be considered legal?

a) Charging a slight fee over the actual cost of the credit report.
b) Charging $50 over the actual cost of the appraisal.
c) A payment to a real estate agent bringing a client for a loan.
d) Charging for fees that are direct costs of the loan.

A

d) Charging for fees that are direct costs of the loan.

50
Q

Warning signs of loan problems or possible fraud are commonly called:

a) Risk Analysis
b) Yield Spread Premium
c) Red Flags
d) Multiplicity

A

c) Red Flags

51
Q

What best describes negative amortization?

a) Payments that are insufficient to pay interest, the difference is added to the principal.
b) Increase in payments.
c) Interest rate maximum increase.
d) Borrowing more than you can afford.

A

a) Payments that are insufficient to pay interest, the difference is added to the principal.

52
Q

What is the penalty for a loan officer violating RESPA by paying a referral fee to a real estate agent?

a) $10,000/three years prison
b) $10,000/one year prison
c) $1,000/one year suspension
d) $5,000/one year prison

A

b) $10,000/one year prison

53
Q

What rule made it illegal to charge upfront fees and requires disclosures in ads for mortgage assistance relief providers?

a) The MARS Rule
b) The Pretexting Rule
c) The Safeguard Rule
d) The Disposal Rule

A

ca) The MARS Rule

54
Q

What should you ask when advertising?

a) How can I advertise to the most people and help the most people obtain a mortgage loan?
b) Should I make impossible promises and guarantees?
c) Should I advertise interest rates that I do not have?
d) Should I advertise in areas that only have a median income of over $100,000?

A

a) How can I advertise to the most people and help the most people obtain a mortgage loan?

55
Q

When a loan officer falsified information on loan applications by overstating income and/or assets or by understating liabilities of the applicant, this is termed:

a) Appraisal Fraud
b) Loan Documentation Fraud
c) Fraud for Criminal Enterprise
d) Fraud for Profit

A

b) Loan Documentation Fraud

56
Q

When a telemarketer calls a person on the do-not-call list the telemarketer is subject to a fine of:

a) $40,000
b) $12,000
c) $7,500
d) $5,000

A

a) $40,000

57
Q

When is a loan officer authorized to refuse to accept a loan application?

a) When the borrowers’ property is in a declining market
b) When the lender doesn’t think the property will appraise high enough
c) When the applicant refuses to disclose their race and marital status
d) When the information supplied by the applicant appears fraudulent

A

d) When the information supplied by the applicant appears fraudulent

58
Q

Which of the following is false about UDAAPs?

a) They cause or are likely to cause substantial injury to consumers
b) The injury from the action is not reasonably avoidable
c) The injury is not outweighed by any countervailing benefits to consumers or to competition
d) UDAAPs always cause financial injury to consumers

A

c) The injury is not outweighed by any countervailing benefits to consumers or to competition

59
Q

Which of the following is not considered an unfair or deceptive Advertising?

a) Abusive Lending
b) Pricing up in an area
c) Offering multiple products for the borrower to choose
d) Taking advantage of a borrower because of their lack of mortgage knowledge

A

c) Offering multiple products for the borrower to choose

60
Q

Which of the following is not true with regards to prohibited acts:

a) It is prohibited to directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person.
b) It is prohibited to all MLOs to advertise and obtain clients
c) It is prohibited to solicit, advertise, or enter into a contract for specific interest rates, points, or other financing terms unless the terms are actually available at the time of soliciting, advertising, or contracting.
d) It is prohibited to engage in any unfair or deceptive practice toward any person.

A

b) It is prohibited to all MLOs to advertise and obtain clients

61
Q

Which of the following might be considered unethical performance as a mortgage originator?

a) Describing the mortgage program to make sure the customer understands the loan.
b) Having the consumer sign blank forms, so they do not have to come to your office.
c) Counseling the consumer.
d) Having the loan application package prepared in advance.

A

b) Having the consumer sign blank forms, so they do not have to come to your office.

62
Q

Which of the following would not be considered NPI under Regulation P?

a) A borrower’s social security number
b) A borrower’s address
c) A borrower’s bank account number
d) A borrower’s passport number

A

d) A borrower’s passport number

63
Q

Which participant in the loan process is responsible for assigning a value a property?

a) Appraiser
b) Attorney
c) Loan Originator
d) Title Company Employee

A

a) Appraiser

64
Q

Which term is used to describe knowingly advertising or offering one set of terms that are very appealing but are not readily available and then pressuring a person into signing a contract with other, more expensive terms?

a) Non-Conforming
b) Cut and Run
c) Steering
d) Bait and Switch

A

d) Bait and Switch

65
Q

Which type of scam is run by the homeowner, who attempts to refinance their property over and over until little to no equity remains?

a) Straw Buyer
b) Churning
c) Property Skimming
d) Quit Claim

A

b) Churning

66
Q

You are working on a file referred to you by a realtor. The realtor calls you to see if there is going to be any problem getting the customer qualified. The realtor wants to know what the borrower’s credit scores are before presenting the offer. The most appropriate course of action is:

a) refer the realtor to the borrower.
b) never disclose a borrower’s information to a realtor.
c) obtain permission from the borrower to disclose the information.
d) tell the realtor the credit score.

A

a) refer the realtor to the borrower.

67
Q

You are working with a customer who has disclosed they have new payment obligations that do not appear on their credit report. You realize that your customer qualifies for a loan based on figures calculated using only payment obligations reported on their credit. In order to ensure your client qualifies, you decide to exclude the payment obligations that do not appear on the credit report. This action is:

a) Illegal but ethical
b) legal but unethical.
c) legal and ethical.
d) illegal and unethical.
e) illegal but ethical.

A

d) illegal and unethical.

68
Q

You have a customer who has been approved by the lender and is ready to close. The customer backs out at the last minute because of a recent interest rate drop and opts to go with a different loan officer. You paid for the appraisal and want to invoice the customer and be reimbursed. This course of action would be considered:

a) Legal and ethical
b) Illegal and unethical
c) Legal but unethical
d) Illegal but ethical

A

a) Legal and ethical

69
Q

You have been working with a client for the past six months who has finally been approved by the lender and is ready to close. Two days before closing, interest rates drop and you explain to your customer that you are unable to go with a different lender at the better rate because of the standing commitment to the current lender. You also inform your client that breaking a rate with a lender is very damaging to the broker-lender relationship. After explaining the situation, your client still chooses to back out of the loan and go with a different loan officer. Your client’s action in this situation is:

a) illegal but ethical.
b) illegal and unethical.
c) legal but unethical.
d) legal and ethical.

A

c) legal but unethical.

70
Q

You have completed the necessary Pre-licensure education, testing, and application requirements to obtain your mortgage license. You have been hired by a brokerage and expect your background check to clear shortly. You have a friend who is eager to proceed with a loan application and your manager at the brokerage has said that you can start the file under his/her name, then switch it back to your name once your license arrives. This action is:

a) legal and ethical.
b) illegal but ethical.
c) illegal and unethical.
d) legal but unethical.

A

c) illegal and unethical.

71
Q

You interview a customer and collect all the information needed to fill out the 1003 and run credit. Before running credit, you specifically ask the client if it is okay to run their credit, and they consent. You should now:

a) have the customer sign a Borrower’s Authorization form and then pull credit.
b) hang up the phone and run their credit.
c) ask the borrower to repeat their verbal consent, record it, and then pull credit.
d) feel confident a Borrower’s Signature Authorization is not required as the consent has already been given.

A

a) have the customer sign a Borrower’s Authorization form and then pull credit.

72
Q

You just closed a loan with a customer and would like to take them out to dinner to celebrate their new home purchase. Midway through the meal, you realize paying for your clients’ meals may be considered a violation of RESPA. You should:

a) ask your clients to pay for your meal.
b) proceed; it is ok to for you to pay for their meals.
c) ask your clients to pay for their meals.
d) pay only if their meal is under $25 which is allowed.

A

b) proceed; it is ok to for you to pay for their meals.

73
Q

You pull credit on a husband and wife. It turns out their debt-to- income ratio is too high. You notice the majority of the debts belong to the husband. You also note that the wife has enough income to qualify on her own. You remove the husband from the loan, with permission from the borrower, submit the file, and receive approval. This action is:

a) legal but unethical (except for communal property sales).
b) illegal but ethical (except for communal property sales).
c) illegal and unethical (except for communal property sales).
d) legal and ethical (except for communal property sales).

A

d) legal and ethical (except for communal property sales).

74
Q

Your borrower has a joint-asset account with another person. Most of the money in the account belongs to the non-borrower. The lender requires two months of bank statements. Under this circumstance, the documentation needed by the lender requires you to:

a) obtain a VOD with only the borrower’s name on it.
b) remove the non-borrower’s information since it is not applicable.
c) disclose and document deposits for the borrower and non- borrower.
d) temporarily transfer all the money into a separate account with only the borrower’s name on it.

A

c) disclose and document deposits for the borrower and non- borrower.

75
Q

Your customer calls you in the morning and tells you to lock the interest rate at the 5.5% you initially disclosed. You commit to lock the rate, but your day becomes busy and you aren’t able to lock it until later in the day. When you go to lock the rate, you notice that the pricing has changed since this morning and the rate of 5.5% is now going to cost an additional $500.00. What is the most appropriate course of action?

a) Call the customer before locking the rate and tell them about the $500 cost
b) Pay the $500 cost and lock the rate
c) Float the rate until rates improve
d) Lock the rate and charge a $500 administration fee at closing

A

b) Pay the $500 cost and lock the rate

NMLS-Exam (5 decks)

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