Question

Jerry works for mortgage broker Sue. Jerry would need to be state licensed MLO if he:

A. distributed the GFE Sue created to a borrower
B. reviewed the borrower's application for completeness
C. counseled a borrower about loan terms
D. called a borrower to gather personal financial documents needed to validate an application

Answer 1

Answer:

C. counseled a borrower about loan terms

Explanation:

Jerry works for mortgage broker Sue. Jerry would need to be state licensed Mortgage Loan Originator (MLO) if he counseled a borrower about loan terms.

Mortgage loan originator is an individual or institution who is the original lender, ensures the loan falls through and closing it. They are usually saddled with the responsibility of persuading and counseling a borrower in getting a mortgage loan.