Mortgage Loan Originator (MLO) Licensing Practice Test

Question: 1 / 605

What must be included in a written loan application?

Credit card information

Borrower's name

In a written loan application, the borrower's name is a fundamental piece of information that must be included. This detail is essential because it helps identify the individual applying for the loan and ensures that all subsequent data and documentation are associated with the correct person. The borrower's name is typically required to verify their identity and credit history, which are critical for the underwriting process.

While other information like credit card details, home insurance policy specifics, and details about investment properties might be relevant in certain contexts or loan types, they are not universally required elements of a loan application. The primary purpose of the loan application is to gather basic information that establishes who is seeking the mortgage and enabling the lender to proceed with the evaluation of the loan request.

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Home insurance policy details

Investment properties

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