In a Pennsylvania supervisory file review, a loan file reviewer sees a compliance issue involving sponsorship and employment status. What should the file reflect?
Correct Answer
A) Pennsylvania mortgage lender license standards include at least $1000000 in mortgage-funding capability, $250000 minimum net worth, fidelity bond coverage, surety bond coverage for sponsored originators, and a qualifying individual.
Pennsylvania mortgage lender license standards include at least $1000000 in mortgage-funding capability, $250000 minimum net worth, fidelity bond coverage, surety bond coverage for sponsored originators, and a qualifying individual.
Why This Is the Correct Answer
Pennsylvania mortgage lender license standards include at least $1000000 in mortgage-funding capability, $250000 minimum net worth, fidelity bond coverage, surety bond coverage for sponsored originators, and a qualifying individual.
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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