An Ohio file is paused during a mortgage operations checklist because of records and reporting. Which statement clears the compliance question?
Correct Answer
C) Ohio surety-bond requirements must remain in effect as the state rule requires.
Ohio registrants must maintain a corporate surety bond in favor of the superintendent at 0.5 percent of the prior-year aggregate residential mortgage loan amount, capped at $150000.
Why This Is the Correct Answer
The correct response is "Ohio surety-bond requirements must remain in effect as the state rule requires." because Ohio registrants must maintain a corporate surety bond in favor of the superintendent at 0.5 percent of the prior-year aggregate residential mortgage loan amount, capped at $150000.
Why the Other Options Are Wrong
Option A: Use a verbal explanation instead of the required disclosure, record, or filing.
Use a verbal explanation instead of the required disclosure, record, or filing. is not correct because it does not apply the rule tested by this file scenario.
Option B: Keep only informal notes instead of the required state records or notices.
Keep only informal notes instead of the required state records or notices. is not correct because it does not apply the rule tested by this file scenario.
Option D: Apply a generic federal shortcut and ignore the state-specific condition.
Apply a generic federal shortcut and ignore the state-specific condition. is not correct because it does not apply the rule tested by this file scenario.
Memory Technique
Ohio records and reporting: identify the rule being tested, then choose the action that documents or applies that rule before the file moves forward.
Exam Tip
Match the file facts to Ohio records and reporting; do not choose an exception or shortcut that skips the required rule.
Common Mistakes to Avoid
- -Choosing an internal exception instead of the governing rule
- -Treating preliminary or informal facts as a substitute for required documentation
- -Answering from a familiar but unrelated mortgage topic
More UST Questions
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