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a Pennsylvania compliance file raises a sponsorship and employment status question involving states that Chapter 61 does not apply to mortgage loans made for business or commercial purposes. Which statement is supported by the state rule?

Correct Answer

D) Pennsylvania states that Chapter 61 does not apply to mortgage loans made for business or commercial purposes.

Pennsylvania states that Chapter 61 does not apply to mortgage loans made for business or commercial purposes.

Answer Options
A
Allow the activity whenever the individual has general mortgage experience.
B
Treat company licensing alone as enough for every individual MLO activity.
C
Ignore the state condition if the consumer file is otherwise complete.
D
Pennsylvania states that Chapter 61 does not apply to mortgage loans made for business or commercial purposes.

Why This Is the Correct Answer

Pennsylvania states that Chapter 61 does not apply to mortgage loans made for business or commercial purposes.

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