116 One week before closing, a prospective borrower informs his mortgage loan originator (MLO) that he has been fired from his Job which of the following actions if any should the MLO take? A) No action necessary B) Inform the lender of the situation C) Complete a verification of employment D) Tell the borrower to pretend he still has a job
116 One week before closing, a prospective borrower informs his mortgage loan originator (MLO) that he has been fired from his Job which of the following actions if any should the MLO take? A) No action necessary B) Inform the lender of the situation C) Complete a verification of employment D) Tell the borrower to pretend he still has a job
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
100%
![116 One week before closing, a prospective
borrower informs his mortgage loan originator
(MLO) that he has been fired from his Job which
of the following actions if any should the MLO
take?
A) No action necessary
B) Inform the lender of the situation
C) Complete a verification of employment
D) Tell the borrower to pretend he still has a job](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F571bc424-c5a1-42e2-9d81-933507499bdd%2F3088164a-51a1-4bad-b42c-36818199db3c%2Fdvocqt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:116 One week before closing, a prospective
borrower informs his mortgage loan originator
(MLO) that he has been fired from his Job which
of the following actions if any should the MLO
take?
A) No action necessary
B) Inform the lender of the situation
C) Complete a verification of employment
D) Tell the borrower to pretend he still has a job
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