Before approving the loan-originator transfer, a Virginia training manager checks sponsorship and employment status. Which conclusion is best supported?
Correct Answer
D) Virginia requires the stated MLO licensing or NMLS authority before covered origination activity.
Virginia states that a loan processor or underwriter acting solely in that role may be exempt, but an independent contractor may not engage in residential mortgage loan origination activities as a processor or underwriter without annually maintaining an MLO license.
Why This Is the Correct Answer
Virginia states that a loan processor or underwriter acting solely in that role may be exempt, but an independent contractor may not engage in residential mortgage loan origination activities as a processor or underwriter without annually maintaining an MLO license.
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A file reviewer is checking whether a Pennsylvania process satisfies requirements for SAFE testing. Which statement is accurate?
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A sponsorship reviewer handling an Alabama annual compliance meeting needs the compliant answer for licensing and NMLS authority. What should the reviewer choose?