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.
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.
Why the Other Options Are Wrong
Option A: Assume the Virginia requirement does not apply to this new-license application.
Assume the Virginia requirement does not apply to this new-license application. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option B: Treat sponsorship and employment status as satisfied by borrower consent alone.
Treat sponsorship and employment status as satisfied by borrower consent alone. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Delay the Virginia requirement until after the loan closes or the renewal period ends.
Delay the Virginia requirement until after the loan closes or the renewal period ends. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
VA -> va-bonds-records-call-reports-exams-notices
Exam Tip
Virginia bond and record questions test MLO bond coverage, inactive status when bond coverage is missing, bond-volume tiers, 60-day deficient application abandonment, quarterly call reports, 5-day sponsorship notices, 10-day address notices, 3-year company record retention, transaction journals, 30-day Bureau responses, and secure disposal.
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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