A mortgage company is training staff on California requirements for examination, supervision, and enforcement. Which statement should the trainer use?
Correct Answer
C) A private nonexempt lender does not receive a California usury exemption merely because the loan is secured by California real property; the real estate broker or regulated-lender exemption must actually apply.
A private nonexempt lender does not receive a California usury exemption merely because the loan is secured by California real property; the real estate broker or regulated-lender exemption must actually apply.
Why This Is the Correct Answer
A private nonexempt lender does not receive a California usury exemption merely because the loan is secured by California real property; the real estate broker or regulated-lender exemption must actually apply.
More UST Questions
In a Missouri mortgage file, the loan file reviewer is asked to document licensing and NMLS authority before continuing. Which rule controls?
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A mortgage company asks a quality-control reviewer to validate a Mississippi state-law refresher involving licensing and NMLS authority. Which statement is reliable?