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A loan file reviewer documents a Virginia training scenario and needs one rule for licensing and NMLS authority. Which statement belongs in the file?

Correct Answer

D) 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.

Answer Options
A
Treat licensing and NMLS authority as optional because the company has a general Virginia compliance policy.
B
Postpone the Virginia licensing and NMLS authority issue until the next annual review.
C
Use only the federal baseline and ignore the separate Virginia state requirement.
D
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.

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