A couple purchasing a house does not have enough money in reserve to meet the...

NMLS MLO Question Answer

A couple purchasing a house does not have enough money in reserve to meet the underwriting guidelines for their loan. They are required to bring $10,000 to closing, and they will be $3,000 short unless they can find additional cash. The mortgage loan originator may assist the borrowers by taking which of the following actions?

Editing the underwriter's copy of the purchase and sales agreement on the property to show a $3,000 contribution from the seller

Having the real estate agent deposit $3,000 into the borrowers' bank account to generate a deposit record and then withdrawing the money immediately

Asking the borrowers if they have any previously undisclosed additional cash assets that can be documented

Suggesting that the borrowers temporarily borrow money from a relative to deposit into their bank account until the loan closes

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Vendor: NMLS
Product: MLO
Update on: Jul 22, 2025
Questions: 230

Price: $52.5 ~~$149.99~~

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A couple purchasing a house does not have enough money in reserve to meet the...

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