Mortgage Loan Originator (MLO) Licensing Practice Test 2025 – Your All-in-One Guide to Exam Success!

The regulation associated with the Fair Credit Reporting Act is Reg V. The Fair Credit Reporting Act (FCRA) aims to promote the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. Reg V implements the provisions of the FCRA and outlines the responsibilities of creditors, lenders, and other entities that handle consumer credit information.

Understanding this regulation is crucial, as it governs how consumer credit information can be accessed and used, ensuring that consumers are protected from inaccuracies and unauthorized use of their credit reports. This is particularly relevant for mortgage loan originators as they must be aware of these regulations to comply when evaluating a customer's credit report during the lending process.

The other regulations mentioned, such as Reg Z, which pertains to Truth in Lending, Reg C, related to the Home Mortgage Disclosure Act, and Reg N, associated with mortgage acts and practices, serve different functions and do not directly implement the FCRA.