Mortgage Loan Originator (MLO) Licensing Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Mortgage Loan Originator Licensing Test. Utilize diverse question formats, including flashcards and multiple choice, with detailed explanations. Gear up for your MLO exam with comprehensive study material!

Start Multiple Choice Practice Test
Start Flash Cards

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What information is included in the Mortgage Call Report (MCR)?

  1. Only closed transactions

  2. All pending applications

  3. All originations, closures, or denials in a quarter

  4. A summary of all loans serviced

The correct answer is: All originations, closures, or denials in a quarter

The Mortgage Call Report (MCR) is a regulatory requirement for mortgage companies, primarily aimed at collecting data that enables regulators to monitor the mortgage industry effectively. The inclusion of all originations, closures, or denials in a quarter ensures that the report comprehensively captures the organization’s lending activities during that period. This data provides valuable insights into the company’s operations, such as how many loans were successfully originated, how many were closed, and how many applications were denied. This information is crucial for assessing the performance and risk exposure of mortgage lenders, allowing regulatory bodies to identify trends and potential issues within the industry. In contrast, focusing only on closed transactions, pending applications, or a summary of loans serviced would provide an incomplete picture of the company’s activities and its overall contribution to the market, therefore missing critical factors required for effective regulation and oversight.

More Questions Like This