Question:
Scenario 1: MLO Beth discourages a borrower from making a formal loan application due to the fact that the borrower''s source of income is from public assistance.
What laws, if any, have been violated? ? How can this type of transaction be completed in a manner that is ethical and legal?
Post your answers for this scenario to your instructor numbering the response as 1.
Scenario 2: Real estate agent Doug tells mortgage broker Lori that he will send her all of his clients if she'll give him $100 for each loan she closes. Although Lori turns him down, she does decide to invite Doug to a party she throws every year for all of the real estate agents in her town.
What laws, if any, have been violated? ? How can this type of transaction be completed in a manner that is ethical and legal?