For an Illinois loan-originator transfer, a training manager is training staff on licensing and NMLS authority. Which answer should be used?
Correct Answer
A) When servicing of an Illinois residential mortgage is transferred or sold by a licensee, notice must be given to the mortgagor simultaneously with the transfer and must include.
When servicing of an Illinois residential mortgage is transferred or sold by a licensee, notice must be given to the mortgagor simultaneously with the transfer and must include where questions should be addressed, the exact name, address, and telephone number for at least the next 3 monthly payments, and the total amount required for each of those months.
Why This Is the Correct Answer
When servicing of an Illinois residential mortgage is transferred or sold by a licensee, notice must be given to the mortgagor simultaneously with the transfer and must include where questions should be addressed, the exact name, address, and telephone number for at least the next 3 monthly payments, and the total amount required for each of those months.
More UST Questions
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