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A compliance review meeting turns to Pennsylvania sponsorship and employment status. Which rule should be cited?

Correct Answer

B) 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
Continue the activity and document the issue only if a complaint is later filed.
B
Pennsylvania states that Chapter 61 does not apply to mortgage loans made for business or commercial purposes.
C
Let the MLO originate while waiting for the Pennsylvania status, sponsorship, or renewal issue to be corrected.
D
Let production staff decide whether sponsorship and employment status matters for the file.

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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