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A policy analyst is updating Virginia procedures for company policy update and flags sponsorship and employment status. Which answer is accurate?

Correct Answer

C) Virginia requires quarterly mortgage call reports through the Registry for sponsored or individual MLO activity, including origination amount and identifying licensees performing services as required by the Bureau or Registry.

Virginia requires quarterly mortgage call reports through the Registry for sponsored or individual MLO activity, including origination amount and identifying licensees performing services as required by the Bureau or Registry.

Answer Options
A
Assume the Virginia requirement does not apply to this new-license application.
B
Treat sponsorship and employment status as satisfied by borrower consent alone.
C
Virginia requires quarterly mortgage call reports through the Registry for sponsored or individual MLO activity, including origination amount and identifying licensees performing services as required by the Bureau or Registry.
D
Delay the Virginia requirement until after the loan closes or the renewal period ends.

Why This Is the Correct Answer

Virginia requires quarterly mortgage call reports through the Registry for sponsored or individual MLO activity, including origination amount and identifying licensees performing services as required by the Bureau or Registry.

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