Under the Virginia Mortgage Lender and Broker Act, what records must a licensee maintain and for how long?
Correct Answer
A) All books, accounts, and records related to mortgage business for at least 3 years
Virginia requires licensees to maintain all books, accounts, and records related to their mortgage business for a minimum of 3 years.
Why This Is the Correct Answer
Virginia requires licensees to maintain all books, accounts, and records related to their mortgage business for a minimum of 3 years.
More UST Questions
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Previous Question
An MLO candidate takes a 20-hour course that includes 2 hours on state-specific laws for Nevada, but later decides to apply for a license in California instead. What must the candidate do regarding pre-licensure education?
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Under Virginia law, a mortgage lender or broker must provide a borrower with a written disclosure of all loan terms and fees within what timeframe after receiving a completed loan application?