For a Virginia state-law refresher, an audit analyst is training staff on licensing and NMLS authority. Which answer should be used?
Correct Answer
B) Virginia SCC states that BFI uses NMLS Consumer Access as the official system of record for mortgage-related entities, including mortgage brokers, lenders, lender-brokers, and loan originators.
Virginia SCC states that BFI uses NMLS Consumer Access as the official system of record for mortgage-related entities, including mortgage brokers, lenders, lender-brokers, and loan originators.
Why This Is the Correct Answer
Virginia SCC states that BFI uses NMLS Consumer Access as the official system of record for mortgage-related entities, including mortgage brokers, lenders, lender-brokers, and loan originators.
Why the Other Options Are Wrong
Option A: Continue the activity and document the issue only if a complaint is later filed.
Continue the activity and document the issue only if a complaint is later filed. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Let the MLO originate while waiting for the Virginia status, sponsorship, or renewal issue to be corrected.
Let the MLO originate while waiting for the Virginia status, sponsorship, or renewal issue to be corrected. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Let production staff decide whether licensing and NMLS authority matters for the file.
Let production staff decide whether licensing and NMLS authority matters for the file. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
VA -> va-company-licensing-offices-remote-location-nmls
Exam Tip
Virginia company questions test SCC/BFI and NMLS routing, Consumer Access, Chapter 16 license requirements, mortgage loan and office definitions, company fees, $25000 company bond, $200000 lender funds, additional-office approval, and remote-location controls.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Virginia Code, Virginia Administrative Code, SCC/BFI, or NMLS state-specific rules are being tested
- -Confusing Virginia individual MLO licensing or sponsorship with mortgage lender, broker, branch, remote-location, or company requirements
- -Treating Virginia bond, record, advertising, disclosure, lock-in, escrow, reporting, or enforcement requirements as optional
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