A mortgage loan originator in Virginia has been licensed for 18 months and wants to change employment from ABC Mortgage Company to XYZ Lending. What must the MLO do to maintain their license status?
Correct Answer
C) Request a license transfer through the NMLS within 30 days of employment change
In Virginia, MLOs must request a license transfer through NMLS when changing employers. The transfer must be completed within 30 days to maintain active license status.
Why This Is the Correct Answer
In Virginia, MLOs must request a license transfer through NMLS when changing employers. The transfer must be completed within 30 days to maintain active license status.
More UST Questions
What is the minimum net worth requirement for a mortgage lender licensee in Pennsylvania?
A Georgia MLO company fails to pay its annual license renewal fee by the December 31st deadline. The company's license status would be:
A loan originator completes 15 hours of pre-licensure education from an approved provider, then realizes 3 hours were duplicated from a previous course taken 6 months ago. How many additional hours must be completed to meet the requirement?
A mortgage loan originator in New Jersey must provide which specific state-required disclosure to borrowers in addition to federal requirements?
Under Texas law, which of the following is TRUE regarding deficiency judgments after a residential mortgage foreclosure?
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An MLO transitions from a federal savings bank to a state-licensed mortgage broker on January 15th and submits a complete state license application on February 10th. If no decision is made by the state, when does temporary authority expire?
A mortgage banker operating in New Jersey originates $75 million in residential mortgage loans annually. What is the minimum net worth requirement this entity must maintain?
Under Florida and federal law, a borrower has the right to rescind (cancel) a refinance transaction on their primary residence within:
Florida requires certain professionals to report suspected mortgage fraud. Which of the following is required to report suspected fraud to the appropriate authorities?
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