Reviewing All QuestionsA mortgage loan originator (MLO) should inform their company of potential fraud if the MLO:suspects that a processor is changing pay stubs.suspects that another MLO is co-sponsoring a real estate agent's promotional event.O overhears a processor requesting a rush approval on a VA loan.receives multiple applications from an individual real estate agent for a new housing

a). If you suspect a processor is altering pay stubs there may be fraud related to document…

Answered: Reviewing All Questions A mortgage loan…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 6TP: When a customer is delinquent on paying a notes receivable, your company has the option to continue...

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Obtaining credit begins with you. After you complete a credit application, the lender decides if you are a good risk. Agencies that collect credit information about individuals are called credit bureaus. For a fee, they provide information about you that lenders need to decide if you are a good risk. The information you provide on your application is checked against the information the credit bureaus have collected about you. Why is your credit application approved or denied? ооооо Good news-your credit application was approved. What are the major factors about you that the lender used to evaluate your creditworthiness? Check all that apply. оооо APPROVED Physical appearance Character Political affiliation Capacity Religion 0000 MEGACREDIT Capital Extra 199 SIE TEL Your friend recently applied for credit and was turned down. Why was your friend probably denied credit? Check all that apply. History of personal bankruptcy FICO score greater than 850 Absence of checking, savings, or other…
Customized SoftwareCustomized Software, a software company (the “Company”), is contracted by a bank (the“Bank”) to provide a customized online platform for the Bank’s mortgage loan applications (the“Loan Platform”). Bank customers use the Loan Platform to complete online mortgageapplications, which involves inputting relevant information (e.g., name, address, employment,income, assets) and uploading supporting documents (e.g., tax returns, bank statements). TheLoan Platform enables both the Bank and the applicants to retrieve necessary information anddocuments as well as track the status of the lending process in real time.To develop the Loan Platform, the Company significantly modifies and customizes itsproprietary loan application software to work with the existing systems used by the Bank’scredit, customer service, and accounting departments. To create a Loan Platform that meets theBank’s specifications, the Company is contractually required to perform the following specificsoftware…
Obtaining credit begins with you. After you complete a credit application, the lender decides if you are a good risk. Agencies that collect credit information about individuals are called credit bureaus. For a fee, they provide information about you that lenders need to decide if you are a good risk. The information you provide on your application is checked against the information the credit bureaus have collected about you. Why is your credit application approved or denied? DENIED 0000 SORRY! to you fra C cand hand Collateral Physical appearance Character Political affiliation Marital status Capacity e yo yhing ring you Bestar lates Onge y Bad news-your credit application was denied. What are the major factors about you that the lender used to evaluate your creditworthiness? Check all that apply. Select reasons why you were probably turned down for credit. Check all that apply. Large amount of available credit relative to income False or misleading information on your application…
Provide an example of each of the following; Conspicuous consumption Information you will need to fill out an application to rent an apartment A government agency you can contact to file a fraud complaint A way to prevent fraud on your credit card A way to protect yourself from identity theft
Discussion Questions to answer for your initial post: 1. Explain the importance of having an Escrow Checklist? 2. What is an Escrow Settlement Sheet (AKA HUD1 or Closing Document)? What is its role in an Escrow Transaction? 3. When and for what purpose would an Escrow Officer order a Request for Full Reconveyance? 4. Why is it advisable, and the Lender will require as a condition of funding, the Buyer to obtain a Policy of Fire Insurance? What typically does a Insurance cover against, and what two important items does a standard Fire Policy not cover?
A credit manager who is concerned about a client's viability might take all of the following steps except for the following: O require monthly billing terms O require the client post a letter of credit O require COD terms O require CBD tems Question 4 The Treasurer of a corporation is negotiating with one of his / her suppliers to allow the corporation to have 30 days to pay supplier's invoices. The Treasurer is arranging: O cash discount terms O Short term financing O commercial paper O a factoring of receivables
Which of the following would result in a soft credit inquiry? mortgage loan application O background check for employment credit card application car loan application
Credit Card Fraud and Identity Theft Loss of a credit card, the information on it, or your personal information can cause serious problems. For example, you could be required to pay for purchases you didn't make, or you could spend years repairing the damage to your credit rating. Consider the following two alternative behaviors. Behavior A If I receive an e-mail with a sales offer I like, rather than provide my account number through the e-mail link, I open a separate browser window and directly access the company's website to make my purchase. B I save all my charge receipts and reconcile them to my monthly statement, most often by accessing my account online. Which behavior is likely to reduce your chance of experiencing credit card fraud or identity theft? O Alternative A O Alternative B Both Alternatives A and B ONeither Alternative A nor B
Explain why a loan officer always looks at a credit report before making a loan. What should you do if your credit report is not accurate?
Which of the following would be considered reasons for mortgage fraud? Select all that apply. Responses overstated your income overstated your income understated your debts understated your debts lied about apartment rental lied about apartment rental lied about employment lied about employment
Answer and explain Which of the following is NOT a reason why financial institutions complete annual reviews on a borrower? A. Annual reviews are best practice due diligence associated with monitoring a borrower’s loans B. Annual reviews allow lenders to assess and meet the changing needs of borrowers C. Annual reviews give borrowers a sense of key loan parameters such as the interest rate, time to maturity, and security D. Annual reviews help lenders to identify early warning signs, to mitigate credit risk, and to meet regulatory requirements

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