A compliance manager compares company policy with Washington requirements during an NMLS filing review. Which statement fits licensing and NMLS authority?
Correct Answer
D) WAC 208-660-108 defines a Washington loan originator as a natural person who, for compensation or gain or expectation of it, takes a residential mortgage loan application or offers.
WAC 208-660-108 defines a Washington loan originator as a natural person who, for compensation or gain or expectation of it, takes a residential mortgage loan application or offers or negotiates residential mortgage loan terms, including short sale transactions and residential mortgage loan modification services.
Why This Is the Correct Answer
WAC 208-660-108 defines a Washington loan originator as a natural person who, for compensation or gain or expectation of it, takes a residential mortgage loan application or offers or negotiates residential mortgage loan terms, including short sale transactions and residential mortgage loan modification services.
More UST Questions
In a Missouri mortgage file, the loan file reviewer is asked to document licensing and NMLS authority before continuing. Which rule controls?
A renewal specialist is updating Missouri procedures for supervisory file review and flags licensing and NMLS authority. Which answer is accurate?
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For a Missouri branch onboarding review, a branch supervisor is training staff on licensing and NMLS authority. Which answer should be used?
For a Missouri MLO sponsorship update, a compliance manager is training staff on sponsorship and employment status. Which answer should be used?
A mortgage company asks a policy analyst to validate a Missouri branch onboarding review involving licensing and NMLS authority. Which statement is reliable?
For a Missouri disciplinary-risk review, a branch supervisor is training staff on licensing and NMLS authority. Which answer should be used?
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A licensing checklist in Missouri includes a question about scope, definitions, and exemptions. Which entry should the branch supervisor keep?
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