SAFE MLO Privacy, Marketing, AML & Other Federal Laws question: four-unit residential property

SAFE MLOPrivacy, Marketing, AML & Other Federal Laws

Under the FCRA, what must a lender give every applicant whose credit score it uses for a loan secured by one- to four-unit residential property?

A The score, with the 'Notice to the Home Loan Applicant'
B The score, but only if the loan is approved
C A risk-based pricing notice only if the loan is denied
D A copy of every credit inquiry made on the applicant's file in the past two years

Show the answer and explanation

Answer: A. The score, with the 'Notice to the Home Loan Applicant'

A person who makes or arranges loans and uses a credit score in connection with an application for a consumer loan secured by one to four units of residential real property must provide the score, its range, key factors and the 'Notice to the Home Loan Applicant' as soon as reasonably practicable (15 U.S.C. 1681g(g)). This applies whether or not the loan is approved. Source: 15 U.S.C. 1681g(g); FCRA section 609(g) (as at 11 Oct 2026).

Common mistake

Thinking credit score disclosure is owed only on denials.

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Original study material mapped to the public NMLS Content Outline; not a real test question.Not affiliated with or endorsed by NMLS, CSBS or SRR. Verify figures and rules against current guidance before relying on them.