The client's appraisal comes in lower than expected causing the borrower to bring $10,000 to the closing to complete the refinance. The borrower advises the MLO he only has $8,000 available to close. What should the MLO advise the client to do?
a.) Ask a relative for the rest
b.) Ask the borrower if they have undeclared assets
c.) Loan the borrower $2,000 and have them repay after closing
d.) Tell the borrower to take a cash advance on one of the credit cards being paid off.
Ans: b.) Ask the borrower if they have undeclared assets
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