National Mortgage Loan Originator (MLO) Test With Uniform State Content (UST)

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A mortgage loan originator (MLO) tells a client that the advertised interest rate is 'guaranteed,' but fails to disclose that this rate is only locked for 15 days and that significant fees apply. This action would most likely be considered what type of prohibited conduct?

A kickback under RESPA. A deceptive act under UDAAP. A violation of the Fair Housing Act. Permissible puffing in advertising.

Correct Answer:

A deceptive act under UDAAP.

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